Jones the Grocer Myanmar deal scrapped
The planned Jones the Grocer Myanmar expansion has been cancelled.
Singaporean Myanmar Investco investment and management firm has called off a partnership with restaurant chain Jones the Grocer.
The company, which specialises in investments focused on the high-growth emerging economy of Myanmar, announced without further explanation that the crucial “initial development location” upon which the partnership was based was no longer available.
The joint venture company formed as part of the agreement with local operator Pinnacle Myanmar will be dissolved.
Jones the Grocer, a cafe and delicatessen concept, was founded in Sydney, Australia, in 1996. Now owned by JTG Holdings, of which LVMH-linked investment company L Capital Asia has a minority stake, it operates stores in Singapore, Thailand, Qatar, Bahrain and the UAE.