SAN CLEMENTE Calif. Bubba Gump Shrimp Co. Restaurants Inc., operator and franchisor of Forrest Gump-themed dinnerhouses of the same name, has signed a letter of intent to grant franchise rights in the Middle East to Mubarak Al-Hassawi Restaurant Development Group.
The preliminary agreement calls for a formal commitment by Mubarak for the opening of 12 Bubba Gumps in the Persian Gulf area. The restaurant franchisor estimated that a franchise deal would generate $50 million to $60 million in additional systemwide revenue for the brand.
The company described Mubarak as a holding company with interests in real estate, manufacturing and hospitality. It apparently operates from a number of cities around the Gulf.
Bubba Gump currently operates or franchises 25 restaurants worldwide. The company recently retained a financial advisor to assist in raising equity capital for further growth. It has yet to disclose any results from that effort.
