Guyanese-owned restaurant group sells minority stake to Jamaican financial firm

Guyanese-owned Corum Restaurant Group Inc, the franchise holder of Pizza Hut Guyana, has sold a minority stake in its company to one of the Caribbean’s largest investment banks, JMMB Jamaica.
In a statement on Wednesday, Founder and Chief Executive Officer (CEO) of Corum Group, Clairmont B Cummings said this new partnership intended to drive rapid expansion in the Caribbean.
“We are excited about our new partnership and strongly believe that this move will bolster us as we continue to build on Corum’s success. The JMMB partnership is also part of the strategic positioning, consolidation, and expansion of Corum Group into the regional market, where we intend to become a dominant player in the QSR and fast-casual restaurant space,” he stated.
Cummings confirmed that he will remain the majority shareholder and continue to serve as Chairman and CEO of the Corum Group. The Cornell Business School graduate and young business executive believes that the partnership would enable Corum to swiftly adapt to the changing market dynamics, competition, and growth opportunities that come with Guyana’s rapidly-expanding oil and gas sector.
Corum Restaurant Group owns and operates some of the world’s leading quick-service restaurant franchises in Guyana such as Pizza Hut, a subsidiary of Yum Brands. Corum currently operates 11 Pizza Hut locations across Guyana with plans for more outlets throughout Guyana and the Caribbean.
According to the statement, the transaction with JMMB will also help develop the Corum Group’s newest subsidiary – Caribbean Fusion Holdings Inc, which owns and will soon operate the P.F Chang’s franchise in Guyana, Suriname, Jamaica, Barbados, and Cayman Islands.
The Jamaica-based JMMB, a family-owned company, is considered one of the Region’s largest financial firms with JMMB Bank and JMMB Investments.
Established over 30 years ago, the JMMB Group is an integrated financial services provider that is committed to showing heart-to-heart connections and providing genuine, caring relationships as its proactively delivers personalised financial plans that offer access to our wide range of financial solutions, including banking and investments. It currently partners with some 412,000 clients. (G8)