Korean stores to offer Fairwood

Fast-food chain Fairwood Holdings has granted a franchise to Korean department store chain Kwang Bok Shopping for a period of 10 years. The franchisee will pay an initial fee to Fairwood as well as a percentage of its annual business turnover in royalties. It has agreed to open five outlets in the first year with two outlets due to begin operations early next month. Dennis Lo, Fairwood managing director, said the deal was Fairwood's first fast-food franchise business and it would be expanded to take in other Asian cities such as in the Philippines.