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COMPANY PROFILE

Food Concepts Plc was incorporated on 6 December 1999 as Food Concepts & Entertainment Limited and commenced operations in 2000. The Company was converted from a Private Limited Liability Company into a Public Limited Liability Company and the Company’s name was subsequently changed to Food Concepts Plc. by a Special Resolution dated 10 May 2009.

Following its incorporation, Food Concepts secured franchises from reputable South African Quick Service Restaurants operators to manage and operate their brands in Nigeria. The Company subsequently acquired and developed other Brands, such as, Chicken Republic, PieXpress, Butterfield and Yum Yum.

Following a corporate restructuring and divestment, the Company now owns and operates the Chicken Republic and PieXpress brands as its proprietary food brands.

Chicken Republic is currently trading in 80 locations across Nigeria and Ghana, it will operate >100 Chicken Republic restaurants by the end of 2020 and has plans in place to operate >300 stores by the end of 2023.

PieXpress began trading in 2019 and we presently operate 4 kiosks. We will open another 6 units by the end of the year, with plans in place to operate 150 Pie Express units by the end of 2023.

Food Concepts also owns a 35.61% stake in Food Concepts Pioneer Limited, which continues to hold the Butterfield and Yum Yum brands and runs plant bakeries producing bread, pies, sausage rolls and chin-chin for the mass market.

Our Vision:

“To be the most loved quick service restaurant and baked goods brands across West Africa”

Our Mission:

“To remain relevant as we stretch our limits to go above and beyond to deliver excellent customer experiences, great tasting products and every day affordable value.”

OUR VALUES

People Capability Always is a driving force in our business. Our Human Resources Division trains, develops, recognises and rewards our people, whilst enriching lives and growing our business in the process. We strongly believe that our people approach is fundamental to achieving our vision.

On this basis, our Values are entwined with our Vision statement represented by the ‘LOVED’ acronym. These Values are the foundation of behaviours we aim to instil in all our employees and is the golden thread that runs through everything we do.

LOVE

We are passionate, relevant, caring, respectful and committed.

OWNERSHIP

We act with integrity and take pride in ourselves, our company and country.

VALUE

We add value to everyone and in everything we do.

EXECUTION

Execution is what we do best.

DRIVE

We take initiative and push forward to exceed expectations and achieve our goals.

OPERATIONAL FRAMEWORK
OUR DIVISIONS

Human Resources Division

Operations Division

Property Development & Franchising

Supply Chain Division

Shared Services Division

Human Resources Division

People Capability Always is based on the idea that you don’t build a business, you build people and people build the business. This is the ideology of the Human Resources Department, working together with the divisions, to actualise the objectives and goals of the organisation. On this basis, we train, develop talent, recognise and reward our people, whilst enriching their lives and growing our business in the process.

Our Recruitment Philosophy

Food Concepts is committed to creating a diverse environment across our business and is proud to be an equal opportunity employer. All qualified applicants will receive consideration for employment and promotion without regard to race, colour, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability or age.

Food Concepts - Company Divisions

Recognition & Reward

As the business grows, we continually seek opportunities to reward our people for their contribution and commitment. We pay our staff competitive salaries and offer various incentives programmes. For those working in revenue generating divisions, your reward is in your hands! The harder you work towards delivering your targets the more you earn. We also have a Product of the Month incentive, which is paid to store employees who have exceeded their sales targets, as well as, an employee of the month incentive, which is based on a peer-to-peer nomination system. Furthermore, each year, all employees across divisions have the opportunity to earn a performance bonus, which is based on a combination of company, division and individual performance.

Training & Development

We have a state-of-the-art Training Centre, through which we have trained over 1,000 employees. At Food Concepts, all new employees (regardless of their position in the organisation) start their induction at the heartbeat of our business in our stores. We have a competent workforce with a uniquely designed learning platform designed to enable career growth. Our world of innovation places great value in recruiting, retaining, developing and rewarding the highly talented individuals who takes charge of their career whilst we provide the enabling environment to nurture it.

Operations Division

The Operations Team aims to deliver year-on-year profitability growth through growing our top line sales and managing our operating expenses. We do this by ensuring that we are focused on delivering great customer service, great product quality and having our products available always to our customers. In addition, we ensure that our food is freshly prepared and sold at affordable prices to our customers.

The five building blocks of the Operations Division are:

1.Building People Capability

We focus on building people capability at all levels through internal development of our people as well as recruiting and growing great talent for our business. In addition, we ensure that performance management is key in ensuring that we deliver great performance at all levels in Operations. Finally, recognition is a culture in our business, and we make it a duty to recognise at every opportunity in our Operations team.

2. Customer Service

Customers are extremely important to us, so we work with our Training Team in ensuring that our team members and store management teams are well trained and coached in delivering great customer service with each transaction, every day. Our team ensure that customers will want to come back over and over through hospitable service, clean and well-maintained restaurants, quick service, and great quality products that are always available.

Food Concepts - Company Divisions

3. Sales & Profit Growth

Our motto is “Sales is vanity, profit is sanity and cash is king”. We grow sales by ensuring great customer service through transaction and ticket average growth; and grow our bottom-line profit through controlling our operational expenditure.

4. Financial and Process Discipline

Ensuring that great thought process and execution in all we do is important to us and this is where clear discipline comes in. We ensure that all our processes are always followed, and this delivers discipline in our financial management.

5. Operational Excellence

We drive operational standards, we build Store and Area Management capability, quarterly financial and operational audits and we deliver consistent recipes in all our restaurants.

Property Development & Franchising

Our Property Development & Franchising division continues to grow, with the addition of new franchise stores, the opening of new company stores and the upgrading and maintenance of existing stores. All three activities, contribute to our performance and enhance stakeholder experience for franchisees, employees, partners and shareholders alike.

We have been able to effectively manage our setup costs, despite the devaluation of the Naira and the harsh economic conditions. Among others, bulk purchase of key assets has allowed us to negotiate lucrative discounts, which has contributed to greater returns on investments.

We have and will continue to grow the capacity of both people and other resources within this division to ensure a solid, pre-emptive, responsive and effective strategic implementation plan that delivers ROI.

Food Concepts - Company Divisions

Our strategic focus areas moving forward include:

  • Ensuring a controlling share of the number of stores in the 4 main cities in Nigeria (Abuja, Lagos, Port Harcourt & Kano) and franchise-out up-country locations
  • Master Franchise Agreements – find franchisees for other West African countries aside from Nigeria & Ghana
  • Franchise Support – with training and performance reviews, operational excellence, marketing activities and audits
  • Effective Stakeholder Communication with project meetings, project tracker spreadsheet and Action Logging
  • Property Management is key to our business, strict lease agreements to reduce landlord risk habitual increases in lease terms
  • Implementing a lean construction cost (mainly on immovable assets/sunk cost) on sites with weak ADS assumptions
Supply Chain Division

The Supply Chain Division (SCD) continues to grow and support the business by catering for the increased demand and delivery of great tasting, high quality products to our stores “On Time in Full”. Key activities that fall under SCD include:

Procurement

The Procurement function is centralised and is responsible for the sourcing and purchasing of all food and packaging products, equipment and other restaurant supplies. The mission of the unit is to provide the “lowest possible sustainable store-delivered prices” for restaurant products and equipment. To achieve this, the unit leverages on the system’s scale to drive cost savings and effectiveness in its day-to-day function.

We work closely with suppliers to encourage innovation, assure best practices and drive continuous improvement. Leveraging scale, supply chain infrastructure and risk management strategies, the division also collaborates with suppliers towards achieving competitive, predictable food and packaging costs over the long term.

Food Concepts - Company Divisions

Warehousing and Distribution Unit

The business operates a hub and spoke network model across the country. This is designed to reduce transportation costs, improve cycle times and reduce inventory in the restaurants and at the warehouses. Delivery of stock items to the stores are carried out through the deployment of Company-owned fleet and third-party Logistics Service Providers to ensure timely and effective distribution to the stores.

Pie Production Unit

Food Concepts operates ten strategically positioned pie production facilities around the country. These facilities are set up to satisfy our customers’ needs for fresh and tasty baked products via our Chicken Republic and Pie Xpress stores, as well as to meet the increasing demand for bulk catering requests.

Food Concepts - Company Divisions

Central Kitchen

Our Central Kitchen produces the spices that are used in the production of Chicken Republic soulfully spiced meals. The Central Kitchen brings to the fore several benefits such as:

  • Consistency in product quality and uniformity
  • Convenience
  • Larger space
  • Equipment and specialised appliances used in production
  • Reduction in wastage and labour costs at store level

Our Central Kitchen supports all Chicken Republic and PieXpress stores, both company-owned and franchised. We produce semi-finished and finished items and deliver fresh vegetables to Lagos stores.

Shared Services Division

The Shared Services Division serves as the bedrock of the organisation as it focuses on the consolidated performance and position of the organisation, its subsidiaries, its associated companies and related entities.

The division provides the requisite support to the business and the other divisions to achieve the overall objective of maximising profitability through sales growth and reduced cost. The division is responsible for driving the overall company strategy summarised in the budgets, forecast and business plans and ensures the monitoring and achievement of the company’s overall strategy.

Food Concepts - Company Divisions

The Shared Services Division is responsible for raising capital to support the business strategy and growth plans, as well as to ensure the effective management of working capital, which enables smooth operation of the business.

It is also responsible for generating investment income through effective treasury operations and managing of the company’s information technology. The division ensures that proper risk management procedures are in place within the organisation to identify and manage the risks in the business and that policies, controls and procedures are in place to ensure that the organisation’s overall objectives are met.

Shared Services is also responsible for new product development, as well as, quality assurance (including both ISO and legal compliance), whilst ensuring that the company’s products are effectively communicated through marketing activities to third parties.

The division consists of the following departments:

Food Concepts - Company Divisions

Finance

The finance department is responsible for the following key activities within the organisation:

  • Provision of information (Sales, GP, EBITDA and PAT) required to assess the profitability of individual outlets and overall performance of operations, supply chain division, development and franchising as well as all the departments within the organisation.
  • Consolidating all departmental dashboards and preparing accurate divisional and consolidated profit or loss accounts for the Group whilst providing clear insights into trends and performance vs budget and prior year.
  • Ensuring the timely submission of tax returns and other regulatory filings and payment of amount due to the respective tax authorities to avoid penalty and sanctions.
  • Aiding financial planning through the provision of consolidated daily cash position showing the liquidity position of the Company.
  • Enforcing discipline and accountability by tracking lodgement of sales proceeds and escalating variance daily.
  • Coordinating monthly inventory count across stores and the organisation escalating exceptions for follow-up actions.
  • Raising funds for the business through banks, capital, money markets and direct investors.
  • Managing relationships with the company’s banks and other financial institution to ensure adequate support for the company’s operations.
  • Generating investment income through sound and effective treasury activities.
  • Ensuring the timely payment of vendors and effective working capital management.
  • Invoicing of franchisees and customers.
  • Preparing and sharing daily, weekly and monthly reports of sales, receivables, payables, cash advances and other key reports.
  • Preparing the company’s annual financial statements and monthly management account.
  • Working with external auditors on interim and final audits.
  • Working with tax authorities, financial advisors and investors on tax audits, due diligence and other ad-hoc reviews.
  • Management of the company’s fixed assets, including tagging, verification and asset movement.
  • Addressing the requirements of the Securities and Exchange Commission relating to the company.

Business Intelligence

The business intelligence department is responsible for the following key activities within the organisation:

  • Preparation of annual budgets, five-year business plan and monthly forecasts of the business performance and cashflows.
  • Performing investment appraisals for new stores, remodels & new projects.
  • Updating the monthly cost of sales and product pricing.
  • Preparation of monthly pacesetter report for the company.
  • Preparation of bi-weekly sales mix reports.
  • Pricing, scenario analysis and scenario modelling for new product initiatives and special orders.
  • Coordinating and tracking of monthly product of the month action & calculating incentive as applicable.
  • Preparation of reports on financial analysis & trends.
  • Financial analysis support for operations, supply chain division, Ghana, development and franchising as well as all the departments within the organisation.
  • Developing key financial analysis templates across the Group to improve efficiency.
  • Performing Group valuation, monitoring of share price & earnings per share and assessing acquisition opportunity valuations.
  • Performing Group financial modelling and alignment with 5-year plan.
  • Preparation of the inputs for the board and board committee packs and compiling the inputs from other divisions and departments.
  • Engaging in special projects execution and ecommerce monitoring.

Risk, Process & Compliance

The risk & compliance department is responsible for the following key activities within the organisation:

  • Working with the respective business process owners to ensure that risks within the organisation are identified, tracked in the risk register and managed.
  • Developing controls in conjunction with the process owners to response to identified risks.
  • Ensuring the documentation of all the business processes within the organisation.
  • Conducting walkthrough test with the process owners to ensure that the business processes as documented is reflective of the actual position.
  • Developing policies within the organisation in conjunction with the executive management and the board.
  • Preparing quarterly risk reports for the board.
  • Visiting stores and the respective departments to ensure that their unique risks are tracked and monitored.
  • Performing internal control activities to support the business.
  • Performing compliance activities to support the business.

Quality Assurance

The quality department is responsible for the following key activities within the organisation:

  • Enhancement of fire safety risk awareness among all the staff in the Company.
  • Ensuring compliance with food regulators including NAFDAC, ISO and other statutory compliance requirement in the food industry.
  • Ensuring the annual food safety standard compliance of the key vendors through scheduled annual inspection.
  • Ensuring adequate pre–engagement food handlers medical screening as well as periodic food handlers test on all staff in operations and other producing divisions.
  • Training operations and other producing division staff on food safety awareness.
  • Providing quality, environmental, health and safety support coverage across all stores and departments within the organisation.
  • Providing support to other concerned department in ensuring upgrade and compliance to safety requirements in the engagement of vendors.
  • Achieving ISO 22000:2018 certification for the organisation as well as other relevant ISOs
  • Ensuring cost savings through product and process improvements.
  • Engaging in new product development, analysis and testing of the new products.
  • Provision of awareness training on critical parameters and tools to aid checking at the stores and department levels.

Administrative Services

The admin department is responsible for the following key activities within the organisation:

  • Ensuring the cleanliness of the office complex (interior and exterior).
  • Ensuring that the assets of the organisation are adequately insured.
  • Supporting the business travels whilst minimising the travel cost through effective strategies.
  • Supporting travelling teams with hotel arrangements whilst minimising hotel costs.
  • Monitoring the retirement of cash advances taken by staff for travel.
  • Managing the company’s pool cars whilst minimising the vehicle maintenance costs.
  • Ensuring adequate provision of security guards to the stores and head office.
  • Working with the police and other security agencies to ensure adequate security for the company and its stores.
  • Ensuring effective allocation of office space.
  • Ensuring the provision of office furniture to create the right working environment.

IT

The IT department is responsible for the following key activities within the organisation:

  • Ensuring the successful implementation of an ERP system and ensuring that the ERP system meets the objectives of the organisation.
  • Ensuring adequate disaster recovery plan for the organisation.
  • Providing IT support to stores and the departments.
  • Ensuring internet connectivity for stores and the departments whilst minimizing the costs of the internet connectivity.
  • Working with the procurement team on the acquisition of IT hardware and software
  • Ensuring a high response rate to issues relating to hard ware and software support.
  • Training store and the department on the use of IT hardware and software.
  • Ensuring security of the company systems through gateways and antivirus systems.
  • Maintaining an effective helpdesk system for prompt and effective resolution of issues.

Marketing Department

The marketing department is responsible for the following key activities within the organisation:

  • Strategic brand development for both the Holding Company and all of its consumer brands.
  • Development and implementation of brand guidelines (including CI, usage guidelines and brand templates), brand building programmes, brand measurement tools that lead to increased brand equity.
  • Development and maintenance of the annual marketing calendar and budget
  • Below the Line Marketing including:
    • Design and production of all marketing materials
    • Activations including flier distribution
    • Events and Promotions
    • Store level communication
    • Interior and exterior store branding
    • New store and new product launches
    • Local store marketing tool kits and initiatives
  • Outdoor & Above the Line:
    • Billboards, signage, vehicle branding, etc.
    • Radio advertising
    • Press advertising, editorial and advertorial
  • Digital
    • Digital strategy
    • Web content, development and management
    • Development of content plans and online materials that drive customer engagement
    • Development, integration and management of all digital platforms (web, mobi, social, etc.)
    • Management and monitoring of online ordering/delivery partners and platforms
  • Development and management of strategic brand partnerships
  • Consumer research, customer feedback mechanisms and CRM programmes
  • Managing customer care line/platform
  • Demand creation including bulk orders and sales drive
  • Product innovation
  • Managing the brand product BOM
  • Internal brand engagement
  • CSR strategy, as well as, the development and management of CSR programmes

Internal Audit

The internal audit department is an independent, objective assurance and consulting activity designed to add value and improve the organisation’s operations. The head of this department reports directly to the audit committee of the board to maintain its independence. The internal audit department is responsible for the following key activities within the organisation:

  • Helping the organisation accomplish its objectives by bringing a systematic, discipline approach to evaluate and improve the effectiveness of risk management, control and governance processes.
  • Partnering with management on special audit assignments.
  • Assisting in assessing and training the internal control and compliance unit.
  • Perform independent reviews to add value to the business.
  • Assist individual budget/ process owner to achieve their objectives through partnership to identify factors that might significantly upset achievement of objectives and assist in providing mitigants for identified risks.
QUALITY ASSURANCE

Health, Safety and consumer protection are of critical importance to Food Concepts.

We are thus proud to announce that after being thoroughly assessed, we were found to be compliant and were awarded ISO22000:2018 Food Safety Management System certification, within the scope of providing ready to eat chicken products, burgers, sandwiches and meals.

ISO22000:2018 is the latest certification, based on a Food Safety Management System that can be applied to any organisation in the food chain – from farm to fork.

OUR FOOTPRINT