In two weeks, a group of Turkish and Israeli business people will open a branch of the Tike restaurant chain of Turkish restaurants in the Bayside Land Corp building in Herzliya Pituah. $1 million was invested in the restaurant.
The Tike chain has 12 branches in Turkey, Greece, Russia, and Kuwait. Additional outlets are planned in the US and Western Europe.
Tike’s founders are expanding the chain through franchises, including an Israeli franchise. Three partners/groups will hold equal shares in the Israeli franchise. The first consists of Dov Bar and Ronen and Hadar Mechanik. The second is Menashe Carmon, and the third is ISSTA Lines (TASE: ISTA) controlling shareholders Zohar Dvorin and Daniel Faians. The Turkish group granting the franchise will also hold an equal share in the restaurant.
Ronen Mechanik will manage the restaurant. He said the restaurant covered 520 sq.m., and could seat 150 guests. Architect Nir Portal designed the restaurant in modern style with traditional Turkish elements.
Mechanik said that the idea to open a branch in Israel followed positive responses from many Israelis who had eaten at a Turkish branch of the chain. The connection with the franchise group was initially made through Carmon, who frequented the restaurant in Turkey. Carmon began to look for partners in setting up a branch in Israel. “My wife and I will manage the restaurant. The others will be silent partners. The restaurant will have 60 employees, and we expect a turnover of several million shekels in the first year,” Mechanik said.
Published by Globes [online] - www.globes.co.il - on January 29, 2006