Tantalizers, a well-known quick-service restaurant chain in Nigeria that is well-known for its fast food sales, has been hit by losses as competition has increased and demand has declined since 2020. Due to an after-tax loss of N265.6 million in 2024, down from N290.7 million recorded in 2023, according to its latest financial statement. Tantalizers has been facing a rough patch in recent times due to competition from local rivals like Chicken Republic which provided cheaper options and online ordering, as well as multinational chains like KFC, Domino’s, and Pizza Hut.
9am News Nigeria has learned that fast-food retailers are frantically coming up with a number of strategies to draw customers in the face of low demand.
Big food retailers have increased their marketing campaigns and trade promotions to increase sales and profitability, grow their clientele, and foster customer loyalty. According to industry observers, these promotions typically take the shape of alluring incentives, such as price discounts, freebies, and other types of incentives. Some retail establishments used trade promotions like, “Buy One, Get One Free,” and free delivery, to attract customers.
Tantalizers’ Rise and Slide in Fortune
Established in 1997, Tantalizers was one of Nigeria’s top restaurant brands. The company expanded quickly in the early 2000s, reaching a national level of recognition with more than 50 stores nationwide. It provided an alternative to restaurants like Mr. Bigg’s and drew customers in with its lower prices, and incredible dishes.
However, the company started to lose market share by the middle of the 2010s as competition grew more fierce. International restaurants like Pizza Hut, Domino’s, and KFC joined the market. Meanwhile, by providing more affordable options and online orders, other rivals like Chicken Republic were better able to adjust to shifting consumer demands. It was difficult for tantalizers to modernize. Tantalizers’ obsolete methods, sluggish service, and inflexible menu turned off clients and the company began reporting losses in 2020 and continued to do so. In their maiden financial statement published on the Nigerian Exchange Group, Tantalizers reported an after-tax loss of N303.5 billion in 2012. It did, however, report N101.9 billion in profit for the previous year.
The company’s share price is currently down from N2.25 at the start of the year to N1.95 on March 3, 2025. The number of outstanding shares is N5 billion, with a volume of 931,700 and a value of 1.82 million.
Acquisition of Tantalizers
Tantalizers recently revealed in an NGX filing that Messrs Food Specialties and Organics Limited and Banklink Africa Private Equities Limited had purchased the bulk of the company’s shares. Tantalizers Plc announced a significant private equity investment, raising more than N1 billion to reposition the business and solve long-standing financial issues.
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