Much-discussed partnership shelved following fund scandal

Bulls Girişim Sermayesi Yatırım Ortaklığı has quickly abandoned its plan for a partnership with White Burger, which it had announced as a step into the food sector. The company announced that the establishment procedures for Bulls Gıda Ticaret A.Ş., which was planned to be founded with White Burger—the brand founded by MasterChef Türkiye 2020 champion Serhat Doğramacı—could not be continued.

According to the plan announced on September 15, Bulls Gıda was to be established with 25 million TL in capital, and Bulls Girişim was to become a 50 percent shareholder in the company. In this context, the company was expected to commit 12.5 million TL in capital.

In a disclosure to the Public Disclosure Platform (KAP) dated September 23, Bulls Girişim stated that, following evaluations by the board of directors, it was decided not to proceed with the establishment procedures. The statement noted that the necessary steps to withdraw the establishment application would be initiated.

In the initial announcement, it was stated that Bulls Gıda was planned to operate in the fields of production, trade, and services within the food sector. However, the latest statement included information that the company was being evaluated for establishment "for the purpose of opening a single franchise branch." Thus, it was observed that the venture, which was announced with a broader scope of activity, had turned into a single-branch franchise plan under the White Burger brand.

The cancellation of the partnership plan came days after the Capital Markets Board (SPK) decided on September 17 to liquidate 131 funds belonging to 7 portfolio management companies. Bulls Girişim’s KAP statement did not contain any expression suggesting that the abandonment of the partnership was linked to the developments regarding the funds.

Thus, Bulls Gıda, which was planned to be established with 25 million TL in capital, has fallen off the agenda before its incorporation was completed. The planned partnership between Bulls Girişim and White Burger ended without being implemented just 8 days after it was announced.

News Source: 12punto