Hot Pot Public Company Limited was incorporated on January 28, 2004, under the name of Hot Pot Co., Ltd. with initial capital of Baht 16 million to operate Suki Shabu restaurant under the management of Miss Sakuna Baicharoen, the major shareholder and the Executive, as a business founder and pioneer since 1995. Its business started from Suki Shabu restaurant cooked to order or A La Carte and its first branch was named "Coca Fresh Suki", located at East Complex Shopping Mall in Chachoengsao Province. Its customer target has been family groups. The restaurant with area of about 300 square meters became very popular and a sole famous Suki restaurant in Chachoengsao Province. Later, the Company expanded its branches in the shopping malls in upcountry such as Saraburi, Surin, Buriram, Kamphaengphet, and Phitsanulok, etc. At that time, branch expansion was operated by founding other companies to control branch restaurants in each region.
2001 The Company changed its restaurant brand from "Coca Fresh Suki" to "Hot Pot Suki Shabu Restaurant".
2004 The Company changed to new management style by establishing Hot Pot Co., Ltd. to be the administration and management center of all branch restaurants. In October 2004, the Company increased its registered capital by Baht 40 million to Baht 56 million in order to transfer assets of other branches of former companies to the Company.
2005 The Company altered its strategy by penetrating into Suki restaurant in large department store through opening international food buffet restaurant mainly emphasizing on Suki Shabu at Central Plaza Rama 2 which is the first branch in May 2005. The "Hot Pot Inter Buffet"consists of Suki Shabu and international food more than 100 items. At that time, none of any entrepreneurs operated this kind of restaurant, therefore it was successful, boosted its sales and gained more customer acceptance and recognition on Hot Pot Brand. It became the good starting point of our roll-out in big department stores. The Company also significantly changed its strategy on the concept that not only delicious foods and good service but also"worthiness" of consumption should be presented to customers. The Company, hence, decided to expand its business into "Buffet" or "All You Can Eat" by stepping adjusted almost of the A la carte restaurants to be buffet ones. After modifying to the international buffet restaurants which are different from other competitors, as well as commitment thoroughly ongoing to improve food quality and services, restaurant style, and a variety of food, the Company gained good response from customers.
2006 Aureos South East Asia Fund ("Aureos Fund") and Private Fund of Government Savings Bank managed by ING Asset Management (Thailand) Co., Ltd. (since June 17, 2011 onwards, it has been changed to be Private Fund of Government Savings Bank managed by One Asset Management Limited) entered into joint venture with the Company for financial support.
In February, the Company invested in constructing the factory in total area of 13-0-96 rais, located at 11/1 Bueng Kham Phroi Sub-District, Lamlukka District, Pathumthani Province as the food production factory and central kitchen for all branches of the Company.
On July 6, the Company was converted from Company Limited to be Public Company Limited as well as reduced par value from Baht 10 per share to Baht 0.25 baht per share and increased its registered capital by Baht 15,346,160 from Baht 86,153,840 to Baht 101,500,000 by issuing new ordinary shares of 61,384,640 shares at par value of Baht 0.25 per share.
On December 15, 2011, the Companybought and transferred rights on the restaurant business of Daidomon Group Plc. 1 which is the buffet Japanese style grill restaurant, including the transfer of assets involved in all operations and other assets such as food formulas and sauces, customer bases, members, business partners, employees of Daidomon as well as its trademarks and trade names related to food and restaurant business such as Daidomon, Umami, Yasuki and Mitake 2 to be continuously operated and managed by the Company.
On September,the Company's increased ordinary shares of 61,384,640 shares were initial public offering (IPO) at par value of Baht 0.25 per share with the objective to use the fund for new branch expansion, branch renovation, loan repayment and working capital. At this time, Aureos Fund also offered to sell its existing ordinary shares of the Company in amount of 40,600,260 shares or 10% of paid-up capital. All ordinary shares of the Company have been listed in Market for Alternative Investment (MAI) on September 18, 2012 onwards.
The Company ongoing expanded new branches. As of December 31, 2013, there were 153 branches that were operated, compared with 138 branches in 2012. The newly opened branches amounted to 27 branches consisted of 23 branches under "Hot Pot" brand and 4 branches under "Daidomon" brand. In 2013, the Company commenced new strategy which is additional serving grill in some Hot Pot branches (extra service charge to customers for serving both Suki Shabu and grill is Baht 30 per person). The new strategy issuccessfully received good feedback from customers and more than 70% of customers order both boiling pot and roaster. As of December 31, 2013, the Company additionally opened 14 branches of Hot Pot with Grill, comprising 9 newly opening branches and 5 brand changing branches.
For Daidomon branches bought from Daidomon Group Plc. the Company has renovated almost all of the remaining branches which have not been renovated yet. There were 10 renovated branches of Daidomon, consisted of 4 branches which have been rebranded to Hot Pot with Grill and 6 branches which have additionally served Shuki Shabu. The only two branches have not been renovated, which are IT Square branch because it is planned to be closed and will renovate another Hot Pot branch, located in the same department store, as well as supplementary serving grill, and Center One branch due to waiting for the renovation of the department store.
The Company opened 18 new stores, consisting of 16 stores of Hot Pot Inter Buffet which 15 out of 16 stores served both boiling and grilling styles, and 2 stores of small size Suki Shabu. The Company also closed 27 stores which most of them had loss from operating results so that the Company's overall performance will be regained in the future. Therefore, as of December 31, 2014, the Company had totally 144 active stores.
In order to decrease the confusion in its brands and bring much greater clarity of its brands, the Company renovated all stores of Hot Pot Buffet Value to be modernand then rebranded to Hot Pot Inter Buffet, which were completed in 3rd quarter. Along with that, the Company renovated the only one store of Hot Pot Ramen Buffet at Central Plaza Rama 2 and then rebranded to a new brand created by the Company under the name of Signature Steak Loft, opening on December 25, 2014.
In addition, the Company increased our channels of distribution of Suki sauce in Tesco Lotus starting on November.
The Company established expansion plan on cautious basis, focusing only on outlets located in potential area. The Company has opened 11 new stores, including a store located in Star Plaza, Sa Kaeo Province, which is totally invested by the shopping center. New stores consist of 5 stores of Hot Pot Inter Buffet which 3 of them serve both boiling and grilling styles and 6 stores of Signature, which 4 stores are newly opened and 2 stores are Hot Pot stores having large area and splitting area into 2 stores under Hot Pot and Signature brands.
The Company closed 12 stores comprising 10 stores due to their loss from operating results and 2 stores which their rental contracts were expired and the Company did not want to renew the contracts. As of December 31, 2015, the Company, hence, had totally 143 active stores.
The Company remained careful opening new stores by primary consideration in potential of shopping center. Capital expenditure for new stores was reduced and assets of closed stores were reused. In addition, some stores were partly invested by the shopping centers. The Company opened totally 8 stores consisting of 2 stores of Hot Pot Inter Buffet (one store serving both boiling and grilling styles), 5 stores of Signature, and 1 store of Daidomon. The Company rebranded 7 stores of Hot Pot Inter Buffet which 4 of them were rebranded to Signature, and each 1 store was rebranded to Shabu Suki, Daidomon, and Pot Jung. Meanwhile, the Company closed 10 stores comprising 7 stores which had loss from operating results, 2 stores which the shopping centers did not renew the rental contracts, and 1 store which was closed for renovation by the shopping center. Consequently, as of December 31, 2016, the Company had totally 141 active stores.
The Company has expanded its business to the Lao People's Democratic Republic by selling franchise of Hot Pot Inter Buffet to a Lao entrepreneur. The franchise store has operated since June 6, 2016. Furthermore, the Company has added new distribution channels for Suki sauce thru more than 600 outlets of Tesco Lotus Express since June 2016.
The Company's structure of shareholding has been changed since Miss Sakuna Baicharoen, Director, Executive and major shareholders of the Company sold her shares in main board (Big lot) to Mr. Apichai Taechaubol amounted to 65,900,000 shares (16.23% of total number of shares sold), and Thai Factory Development Plc. amounted to 9,100,000 shares (2.24% of total number of shares sold). As a result, as at December 30, 2016, shareholding by Miss Sakuna Baicharoen reduced from 102,022,000 shares (25.13% of total number of shares sold) as at November 19, 2015 to 27,022,000 shares (6.66% of total number of shares sold).
(1) From November 24, 2011, The name of Daidomon was changed to be "We Retail Public Company Limited."
(2) The Company has closed Diadomon branches under Umami, Yasuki, and Mitake or has changed some branches to be Diadomon Brand as appropriate one by one. Umami, Yasuki and Mitake brand have been currently disused for branches of the company restaurants.