Guzman y Gomez chief executive Steven Marks at a store opening in Cairns last month.Credit:Richard Walker
“We’re getting ready[for] basically when the board and,obviously,our investors decide it’s the right time. It’s all about timing,but we’re definitely gearing up for it,” Marks said of the potential for an ASX listing. “There’s a possibility it could be late[financial year] 2024 or 2025.”
Guzman y Gomez operates 171 restaurants in Australia and 23 restaurants across the US,Singapore and Japan. It has plans to open more than 30 new eateries in Australia,most of which will be drive-throughs,a strategy that hasproven successful for the chain.
It is uncommon for an unlisted business to unveil its sales,earnings,cash position,performance breakdown and trading outlook in much detail. Public companies are bound by the Corporations Act to prepare and disclose audited financial reports.
“We just believe it’s the right thing to be transparent about how we’re performing,” Marks said. “We’d like to show what’s going well,where we need to improve,and also make it easier for a move to public markets. It’d be a lot smoother as we’ll have practise in place for a while.”
Guzman y Gomez boss Steven Marks founded the business in 2006 with his childhood friend Robert Hazan.Credit:James Alcock
Guzman y Gomez’s institutional investors include TDM Growth Partners,Barrenjoey,Aware Super,Athletic Ventures and Point King Capital. In a share sale last year,the business wasvalued at $1.5 billion. Magellan once owned an 11 per cent stake but sold it last yearfor $140 million as part of plans to refocus its core asset management business.
The business has passed onto customers inflationary pressures on ingredient prices,implementing an 8 per cent price rise on the menu over the past 12 months,and contend withcost-of-living pressures on retail spending. However,Marks saidconsumers were still seeking great value.