Bromat Holdings (SGX:9I7) has closed its Little Sheep Hotpot outlet at Orchard Gateway and No Signboard Shen Jian at Northpoint as of September, following the end of their leases, according to a Monday filing on the Singapore Exchange.
The company is seeking a new location to relaunch the Little Sheep Hotpot brand, it said.
The No Signboard Shen Jian brand will be rebranded as "Shang Society," with plans to open at 33 Erskine Road in October. Shang Society will feature signature dishes from the previous brand, including the pan-fried pork bun "Sheng Jian Bao."
The two outlets generated SG$1.6 million in revenue for the nine months ending June 30, 2024, contributing nearly 65.5% of the group's total revenue.
However, the closures are anticipated to positively impact the group's net tangible assets and earnings per share for the financial year ending Sept. 30, 2024, as the outlets were operating at a loss, the company said.
Bromat Holdings plans to maintain its focus on its retail and institutional catering businesses while exploring new revenue opportunities.
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