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Rolld makes Vietnamese street food its new gold | afr.com
by Lucille Keen
Jan 10 2016 at 5:25 PM
Bao Hoang, founder of the Vietnamese street food franchise Rolld in Melbourne, plans to expand internationally. Wayne Taylor
Special family recipes from his mother and aunt led Melbourne physiotherapist Bao Hoang to build a multimillion-dollar empire that he plans to take internationally this year.
The 33-year-old teamed up with a school friend Ray Esquieres, and cousin Tin Ly to start Vietnamese street food takeaway company Rolld, which has grown 800 per cent in the last three years and has set its sights on international expansion.
"We wanted to offer an alternative to sushi," Mr Hoang said.
Initially opening in Melbourne's Goldsbrough Lane the company aimed at targeting professionals in the nearby courts district, Deloitte, National Australia Bank, King Wood Mallesons and CGU Insurance offices, in need of a quick and healthy lunch option.
However, growing demand has seen Rolld expand to 36 stores in Victoria, NSW, Queensland, Western Australia and the ACT, with a combined turnover of $40 million a year.
Of the group, about 70 per cent of stores are owned and run by the three founders, with a "handful" of franchisees.
"As the business and brand continues to grow, we will look to bring on more investors and maybe even look to private equity," Mr Hoang said.
Between 5 million and 6 million ricepaper rolls a year are sold, making up 50 per cent of the company's sales.
But Mr Hoang remains shy about comparing it with the successes of other growing food chains such as Schnitz – which is named in the BRW Fast 100 2015 as having 164 per cent growth and revenue of $72,886,908.
Fast food 'not easy'
Mr Hoang said creating a successful food and hospitality business in Australia was "not easy".
"You've got to have real passion and drive.
"You see food brands come and go just as quickly. It's also very hard managing a start-up business with cash and capital thin for quite a while. So you have to develop a strong brand because you only need a 10 per cent drop in sales and you're in trouble."
Since the global financial crisis, takeaway restaurants have been the stars of the retail sector.
On Friday, the Australian Bureau of Statistics released data which showed cafes, restaurants and takeaway food services turnover increased 1.0 per cent, to $3.4 billion in November.
Rolld will open its first store in South Australia this year and Mr Hoang said the target is to have 100 stores by the end of 2018.
But it's overseas where Mr Hoang is really looking to expand the business next.
Offshore opportunities
"There are definitely opportunities to grow internationally.
"We're currently looking at Manila, in the Philippines, and we've been talking about opening up in other Asian countries for the last three years. Obviously, we'd also like to crack the United Kingdom and United States market. The US is a big market which is saturated with burger and pizza chains, but we'd be offering something unique."
With more than 700 employees, Mr Hoang said the biggest challenge for a business such as Rolld was the fast paced expansion.
He said it was only now he felt the team's expertise had caught up with the growth.
"You've got to keep focused on developing your team and a culture that works."
That was the recipe for success, he said.
by Lucille Keen
Jan 10 2016 at 5:25 PM
Bao Hoang, founder of the Vietnamese street food franchise Rolld in Melbourne, plans to expand internationally. Wayne Taylor
Special family recipes from his mother and aunt led Melbourne physiotherapist Bao Hoang to build a multimillion-dollar empire that he plans to take internationally this year.
The 33-year-old teamed up with a school friend Ray Esquieres, and cousin Tin Ly to start Vietnamese street food takeaway company Rolld, which has grown 800 per cent in the last three years and has set its sights on international expansion.
"We wanted to offer an alternative to sushi," Mr Hoang said.
Initially opening in Melbourne's Goldsbrough Lane the company aimed at targeting professionals in the nearby courts district, Deloitte, National Australia Bank, King Wood Mallesons and CGU Insurance offices, in need of a quick and healthy lunch option.
However, growing demand has seen Rolld expand to 36 stores in Victoria, NSW, Queensland, Western Australia and the ACT, with a combined turnover of $40 million a year.
Of the group, about 70 per cent of stores are owned and run by the three founders, with a "handful" of franchisees.
"As the business and brand continues to grow, we will look to bring on more investors and maybe even look to private equity," Mr Hoang said.
Between 5 million and 6 million ricepaper rolls a year are sold, making up 50 per cent of the company's sales.
But Mr Hoang remains shy about comparing it with the successes of other growing food chains such as Schnitz – which is named in the BRW Fast 100 2015 as having 164 per cent growth and revenue of $72,886,908.
Fast food 'not easy'
Mr Hoang said creating a successful food and hospitality business in Australia was "not easy".
"You've got to have real passion and drive.
"You see food brands come and go just as quickly. It's also very hard managing a start-up business with cash and capital thin for quite a while. So you have to develop a strong brand because you only need a 10 per cent drop in sales and you're in trouble."
Since the global financial crisis, takeaway restaurants have been the stars of the retail sector.
On Friday, the Australian Bureau of Statistics released data which showed cafes, restaurants and takeaway food services turnover increased 1.0 per cent, to $3.4 billion in November.
Rolld will open its first store in South Australia this year and Mr Hoang said the target is to have 100 stores by the end of 2018.
But it's overseas where Mr Hoang is really looking to expand the business next.
Offshore opportunities
"There are definitely opportunities to grow internationally.
"We're currently looking at Manila, in the Philippines, and we've been talking about opening up in other Asian countries for the last three years. Obviously, we'd also like to crack the United Kingdom and United States market. The US is a big market which is saturated with burger and pizza chains, but we'd be offering something unique."
With more than 700 employees, Mr Hoang said the biggest challenge for a business such as Rolld was the fast paced expansion.
He said it was only now he felt the team's expertise had caught up with the growth.
"You've got to keep focused on developing your team and a culture that works."
That was the recipe for success, he said.
