In its recently published audited consolidated financial report for 2025, Golden Gate Group Joint Stock Company revealed details about its acquisition of the coffee retail chain The Coffee House from Seedcom. Specifically, on 8/1/2025, Golden Gate spent over 243,5 billion VND to purchase 99,98% of the capital of Viet Nam Tea Coffee Service Trading Joint Stock Company, the entity that owns The Coffee House chain. Since then, this entity has become their subsidiary, and its business results have been consolidated.

The report indicates that from the beginning of 2025 until the consolidation date, The Coffee House recorded revenue of 10,6 billion VND and a net pre-tax loss of 6,4 billion VND. From the acquisition date until the end of 2025, the coffee chain contributed a loss of 73,7 billion VND to Golden Gate's pre-tax profit.

The acquisition cost for this transaction changed compared to the 2024 report. At that time, a provisional figure of 270 billion VND was provided. With the audited data, Golden Gate's acquisition price for this coffee chain was only about 24% of the 50 million USD valuation by the auditing firm and ASCO in 2021.

A The Coffee House store in Da Lat, Lam Dong. Photo: The Coffee House Fanpage.

The Coffee House, once a popular coffee chain, has recently closed numerous stores to optimize costs and improve operational efficiency. Currently, The Coffee House operates 78 outlets, primarily in major cities such as TP HCM, Hanoi, and surrounding provinces. This number represents a further decrease of 15 stores since Golden Gate's acquisition, indicating that the restructuring process and reduction of underperforming locations are ongoing.

The chain has experienced business losses for several years. Data from Vietdata, a platform providing macroeconomic, enterprise, and multi-sector research data, shows that the chain's revenue decreased by 11% to approximately 700 billion VND in 2023. Post-tax profits were also consistently negative, exceeding hundreds of billions of VND in both 2022 and 2023. Data for 2024 was not disclosed.

Despite bearing losses from The Coffee House, Golden Gate's consolidated business results for the previous year (2025) saw strong growth. Post-tax profit more than doubled to 213,8 billion VND, reaching its highest level since 2022.

This positive outcome stemmed from revenue reaching 7.690,5 billion VND, a 16% increase compared to 2024, primarily driven by the food and beverage sales segment. Financial income surged 3,5 times to over 96 billion VND, largely from profits on subsidiary divestments. While cost of goods sold and operating expenses also increased, they were maintained at a lower proportion relative to revenue. Consequently, the company's profitability significantly improved.

Compared to its set plan, Golden Gate did not meet its revenue target of 8.124 billion VND but exceeded its projected profit target of nearly 205 billion VND by 4%. However, the profit level has not yet reached pre-pandemic levels.

Established in 2005, Golden Gate is one of the first entities to adopt the chain restaurant model in Vietnam. The company currently owns nearly 40 brands and approximately 600 restaurants, serving 18 million customers annually.

Their ecosystem primarily encompasses five main culinary styles: hotpot, grill, Asian, European, and most recently, coffee. Some of Golden Gate's prominent restaurant chains include: Manwah, Kichi Kichi, iSushi, Durama, Icook, Gogi House, Sumo BBQ, Cowboy Jack's, Vuvuzela...

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