The restaurant investors behind the success of Dave’s Hot Chicken are making a new nationwide bet on the next-hottest restaurant trend: birria.

Mike’s Red Tacos, a San Diego-based birria chain with just two locations, plans to announce on Tuesday a new franchising initiative that will build hundreds of restaurants across the U.S., with support from early-stage backers Bill Phelps and Andrew Feghali, CNBC can report.

Financial terms of their investment, which took place in early 2025, were not disclosed.

“We just saw that this was a brand and a concept that really had legs to it,” Phelps told CNBC. “And then the critical thing is, we brought down prospective franchisees. … Everyone gave it the thumbs up.”

Phelps said he had never heard of birria before Feghali introduced him to Mike’s.

Traditional birria is a beef or goat stew, slow cooked with spices and chiles to give the meat lots of flavor. Birria tacos, like those sold at Mike’s, use the slow-cooked meat as a filling and usually include a consomme on the side as a dip for the taco.

Once known as a regional Mexican food, birria now appears on 3.7% of U.S. menus, according to Datassential. That’s more than quadruple its menu penetration four years ago, based on the firm’s data, but there’s still a long runway before it reaches ubiquity.

Mexican-inspired fast-food brands such as Qdoba, El Pollo Loco, Del Taco and even Taco Bell have released their own versions of birria. And there’s at least 478 restaurant operators running birria-focused restaurants, according to Datassential.

Mike’s menu also includes burritos, loaded nachos and fries, and birria ramen.

“It appeals to a very broad range of guests — it’s not just your millennials and Gen Zs,” Phelps said, speaking about the customers in Mike’s Red Tacos restaurants. “There’s older people in the restaurant, there’s little kids, so it’s got a very, very broad appeal.”

Phelps co-founded Wetzel’s Pretzels in 1994 and became a founding investor in Blaze Pizza, the fast-casual pizza chain founded by Elise and Rick Wetzel. In 2019, Phelps joined Dave’s Hot Chicken as an investor and CEO, using franchising to expand the chain quickly to hundreds of restaurants worldwide. Last year, private equity firm Roark Capital bought a majority stake in Dave’s Hot Chicken in deal worth roughly $1 billion.

Feghali was one of the first franchisees of Dave’s Hot Chicken. He is also one of the nation’s largest Little Caesars operators.

Together, Feghali and Phelps founded Four Wall Partners, a restaurant franchising investment firm. In addition to being early-stage investors in Mike’s, they will act as advisors and members of the chain’s board.

Vincent Montanelli, who most recently served as chief executive of Wetzel’s, has joined Mike’s to serve as president.

Founded originally as a food truck five years ago, Mike’s Red Tacos opened its first brick-and-mortar location in 2022. Founder Mike Touma plans to open his third location in March; he’ll stay on with the company as a board member and franchisee of the chain’s San Diego locations.

“We put together a deal where [Touma is] going to keep the rights to his stores and future stores in San Diego, and then we’re going to franchise it across the rest of the U.S. and internationally,” Phelps said.

The new team plans to follow the established playbook used by Wetzel’s and Dave’s to grow Mike’s Red Tacos quickly.

“We’re going to be very aggressive where we grow with this, because we’ve seen that we can do that,” Phelps said.

The taco chain has already secured franchising development deals with multi-unit operators for more than 200 locations nationwide, from California to Texas to New England. Some of those franchised restaurants could open as soon as the end of the year.

Phelps anticipates stiff competition from national chains and local taco restaurants alike. However, he said he thinks that the chain’s simple menu, delicious food and an aggressive marketing strategy can help Mike’s overtake rivals.

“We think this can be a winner,” Phelps said.

This article was written by

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The £100m-plus Team Valley retail park was put on the market last autumn

A prime North East shopping park with a £100m-plus price tag has been snapped up by a London real estate company.

Retail World at Team Valley in Gateshead – which started life as a manufacturing park in the 1930s – was put up for sale by owners Ares Management last autumn. The sale was launched 10 years after Ares bought the site from UK Land Estates, together with retail parks in Dundee and Derby, in a deal worth as much as £291m.

Ares took on the 370,000 sq ft of retail accommodation, spread over 24 units, and carried out their own major investments which were completed in 2019, adding a host of new food and drink outlets and retail units. Today, Retail World is recognised as one of the region’s standout retail destinations, with 391,000 sq ft of space and a diverse mix of more than 30 brands, anchored by top retailers including M&S Food, Hotel Chocolat, Boots, Metro Bank, TK Maxx, Currys, Dunelm, Costa Coffee and B&M Bargains.

Now Ashtrom Properties UK Limited (AP UK) has acquired the park from a reported £100m-plus asking price, adding to its expanding portfolio. The transaction comes after the company went into exclusive talks with the owners at the end of last year.

London based AP UK is a privately owned real estate company specialising in the acquisition and development of prime real estate, including commercial and office schemes such as Exchange Flags in Liverpool, No. 8 First Street in Manchester, Central Square in Leeds, and Colmore Gate in Birmingham. The deal – heralded as one of the most significant regional real estate deals of the past year – demonstrates the strong appetite for well-placed retail assets which continue to drive strong regional footfall.

Law firm Freeths advised Ashtrom Properties UK Limited (AP UK) on the acquisition. The transaction was led by Freeths Real Estate team, comprising director Ayesha Qayum, partners Craig Jones and Daniel Abrahams and senior associate Sophie Moonshine, together with support from the corporate team.

Guy Lewinsohn, CEO of AP UK, said: “We are delighted to have completed the acquisition of Retail World at Team Valley. This investment aligns with our strategy to expand our UK footprint and invest in high-performing regional assets. We appreciate the dedication and expertise of the Freeths team together with all the advisers involved in bringing this transaction to a successful close.”

Sarah Jelly, director and head of legal at AP UK, added: “Navigating the intricacies of this corporate acquisition was a collective effort of which the AP UK team are very proud. The team at Freeths provided seamless legal support and the technical expertise necessary to bring this complex deal to a conclusion.”

Ms Qayum said: “It has been a privilege to advise AP UK on this landmark acquisition of Retail World. Acting on such a significant transaction for our client has been incredibly rewarding, and I am delighted to have played a role in supporting their ongoing growth within the UK property market.”

The park was marketed by Savills and Vedra Property Group, which said on launching the sale that it “reflects continued investor confidence in the retail park sector, where strong tenant demand and robust footfall are underpinned by the format’s proven role in serving communities and adapting to evolving consumer behaviour.”

Like this story? For more news from the commercial property scene around the regions, visit our dedicated section here for the latest news and analysis within the sector.

Happy Chinese New Year! In 2026, Thailand joyfully welcomes the Year of the Fire Horse (Golden Horse). As today is Tuesday, February 17, 2026, you’re right amidst the heart of the vibrant celebrations.

The streets are adorned with vibrant red lanterns, and the air is filled with the sound of firecrackers and traditional music. Families gather to share festive meals, featuring symbolic dishes like dumplings, fish, and sticky rice cakes, all meant to bring prosperity and good fortune. Don’t miss the lively dragon and lion dances parading through the city, as they are believed to chase away evil spirits and bring blessings for the year ahead. It’s a time of joy, unity, and cultural pride, making it one of the most exciting times to experience in Thailand.

While Chinese New Year isn’t a national public holiday in Thailand, it is one of the most vibrant times to be here, especially in cities with large Thai-Chinese communities.

📅 Key Dates for 2026

Thai-Chinese traditions typically revolve around three specific days:

• February 15 (Day of Spending – Wan Jai): Families shop for offerings, food, and new red clothes.
• February 16 (Day of Worship – Wan Wai): Families offer food and prayers to ancestors and deities. This is the “New Year’s Eve” equivalent.
• February 17 (New Year’s Day – Wan Tiew): Today! People visit relatives, head to temples, and give out Ang Pao (red envelopes).

🏮 Top Places to Celebrate

If you are looking for the best atmosphere today or for the rest of the week, here is where the action is:

🧧 Tips for the Festival

• Wear Red: It’s the color of luck and prosperity. Avoid black or white, as these are traditionally associated with mourning.
• Temple Etiquette: Expect crowds at major temples like Wat Mangkon Kamalawat (Bangkok). Dress respectfully (shoulders and knees covered).
• Try the Food: Look for Khanom Kheng (sticky rice cakes) and Khanom Thian—these are festive staples you’ll see everywhere.
• Traffic Warning: Chinatown in Bangkok and Old Town in Phuket will be very congested. Use the MRT (Blue Line to Wat Mangkon) in Bangkok to avoid the gridlock.

📍 Immediate Suggestions for Tonight:

• Wat Mangkon Kamalawat (Dragon Lotus Temple): Just a short walk from the MRT Wat Mangkon station. It’s the spiritual heart of the celebrations—vibrant, smoky with incense, and beautifully lit.
• Chinatown Food Crawl: Head to the main Yaowarat Road. Look for the “Golden Horse” themed decorations and try some Bua Loy Nam Khing (black sesame balls in ginger soup)—it’s the ultimate comfort food for a festive night.
• Riverside View: If you want to avoid the densest crowds, the ICONSIAM mall across the river usually hosts impressive dragon dance shows and light displays on their pier during this time.

Year of the Horse: What to Expect

oday (February 17, 2026) marks the official start of the Year of the Fire Horse. In Chinese astrology, the Horse is naturally energetic and independent, but when you add the Fire element, things get significantly more intense.

This specific “Fire Horse” combination is rare—it only happens once every 60 years (the last one was in 1966). Here is what you can expect from the energy of the year ahead:

🚀 The “Double Fire” Vibe

In the Five Elements system, the Horse is inherently a “Fire” sign. Adding the Fire element on top creates a “double fire” effect.

• Speed & Momentum: Expect life to move fast. Decisions that usually take months might happen in weeks. It’s a year of “galloping” forward rather than “slithering” (like the previous Year of the Snake).
• High Volatility: Because there is so much “heat,” tempers can flare easily. The same energy that fuels a breakthrough can lead to burnout if you don’t pace yourself.
• Bold Changes: This is the year for “main character energy.” It favors those who take calculated risks, start new businesses, or make a sudden career pivot.

🔮 How Your Sign Might Fare

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Among these 16 stocks, the fund added the maximum number of shares of Urban Company. Around 23.03 lakh shares of Urban Company were added to the portfolio taking the total share count to 41 lakh in January compared to 17.96 lakh in December 2025.

The flexi cap fund added 4.72 lakh shares of SBI to the portfolio. Around 18 lakh shares of Tata Steel, 14.98 lakh shares of Emmvee Photovoltaic Power, 13 lakh shares of NTPC, and 10.81 lakh shares of Heritage Foods were added to the portfolio in January.

Also Read | Mutual funds increase investments in PSU banks in January; weight hits 3-year high

The fund added 54,074 shares of Oracle Financial Services Software to the portfolio taking the total number of shares to 99,074 in December compared to 45,000 shares in December 2025.

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Abakkus Flexi Cap Fund added 26 new stocks in its portfolio in January which includes some stocks such as RIL, Bank of Baroda, Aether Industries, Tata Motors, 360 One Wam, and Edelweiss Financial Services.
The fund added nearly 25.53 lakh shares of Edelweiss Financial Services, 17.50 lakh shares of Bank of Baroda, and 15 lakh shares of Indus Towers to its portfolio in January.
The fund did not make a complete exit from any stock nor it partially reduced its stake in the month of January.
As of January 31, 2026 the fund had an AUM of Rs 2,808 crore compared to an AUM of Rs 2,492 crore in December 2025. The performance is benchmarked against the BSE 500 Index (TRI) and is managed by Sanjay Doshi.

This flexi cap fund holds 42.26% in large caps, 17.10% in mid cap, 27.01% in small caps, and 13.63% in cash and others. The top 10 sectoral allocation by the flexi cap fund is 29.33% in financial services, 12.47% in capital goods, 7.07% in healthcare, and 5.80% in oil, gas and consumable fuels.

Abakkus Flexi Cap Fund is an open ended dynamic equity scheme investing across large cap, mid cap, small cap stock. The investment objective of the fund is to generate capital appreciation and provide long-term growth opportunities through equity and equity related instruments by investing in a diversified portfolio of large cap, mid cap and small cap securities and the secondary objective is to generate consistent returns by investing in debt and money market securities.

The fund follows an in-house investment framework viz. ‘MEETS’, to evaluate key drivers of long-term value creation.

Also Read | HDFC Balanced Advantage Fund cuts stake in HDFC Bank, M&M, HAL, 15 other stocks in Jan

What the fund manager said

Sanjay Doshi, the fund manager of Abakkus Flexi Cap Fund, said in the monthly release that the portfolio as of 31st January 2026 is a reflection of our positive view across breadth of the market with higher allocation towards mid and small cap space while at same time large cap exposure provides stability to the portfolio.

We remain positive on financials, manufacturing, healthcare, consumer discretionary, and chemicals sectors, the fund manager further said.

The release further said that the portfolio has a balance of leaders and potential winners with large cap positions providing stability and liquidity, while mid and small cap positions should support better returns.

Performance

Since its inception, the fund has delivered a return of 0.42%. The best returns by the fund were between January 9 to February 11 where the fund gave 2.53% whereas the worst returns were between January 2 to February 2 where the fund lost 3.16%.

In the month of January, the fund disclosed its first portfolio since NFO.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in along with your age, risk profile, and Twitter handle.

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‘The support from West Yorkshire Business Boost helped us accelerate plans that were already in motion’

Yorkshire education tech business FE Tech is ramping up global expansion plans after receiving support from West Yorkshire Business Boost’s (WYBB) Export Programme. Founded in January 2022 by software and marketing specialist James Earl, FE Tech helps further education providers to procure innovative and effective learning technology solutions that meet their needs,

The business was launched during the pandemic, when learning rapidly moved online. Mr Earl identified widespread reliance on outdated technology, and created the company to offer tech which can enhance digital learning experiences.

FE Tech currently works with almost every further education college in the UK as well as 500 independent training and education providers and employs 23 members of staff. Over the last 12-months, the business has expanded into the corporate sector in the UK, securing contracts with organisations including Tesco and the Home Office.

Now the Leeds-based learning technology marketplace and digital transformation consultancy has plans to strengthen its presence in overseas markets and build strategic partnerships in Asia. At the end of last year the business attended EDUtech in Singapore, an international education technology conference and exhibition for educators, policymakers, and ed-tech providers, after sealing grant funding from West Yorkshire Business Boost.

And over the course of the two-day event, which brought together over 400 speakers and 250-plus exhibitors, FE Tech was introduced to partners and customers, forging commercial allegiances and opportunities which are already delivering strong outcomes.

Over the coming three to six months, FE Tech will work to convert leads generated with around 30 potential new clients, which is expected to drive substantial growth and secure £400,000 in revenue.

Attending the event triggered the formation of a partnership with a leading EdTech provider that will support FE Tech’s expansion across the Singapore region, marking a major milestone in entering a strategically significant market. The move has already generated approximately £50,000 in sales.

The expansion has also led to the creation of one new role, with two existing jobs safeguarded.

James Earl, FE Tech’s chief executive said: “The support from West Yorkshire Business Boost helped us accelerate plans that were already in motion. Attending EDUtech Asia gave us direct access to the right partners and customers, and the commercial outcomes have already been significant, establishing a solid foundation for future international growth.”

James Was, export manager and growth specialist, at West Yorkshire Business Boost said: “FE Tech is a strong example of a high-growth tech business using targeted support to access international markets and accelerate its global expansion plans. The results demonstrate how investment in ambitious SMEs can secure new commercial partnerships which translate quickly into revenue growth, job creation and longer-term economic impact for West Yorkshire.”

Like this story? For more news from the tech sector, visit our dedicated page for the latest news and analysis here.

Profit margins at the world’s largest luxury goods companies have almost halved in just three years, prompting calls for more disciplined cost management that preserves brand equity while restoring profitability.

Research from supply chain consultancy Inverto, part of Boston Consulting Group, shows that the average operating margin across the 20 biggest luxury groups has fallen from 24 per cent in 2022 to 13 per cent today.

Half of those companies have seen margins decline over the period, while five are now operating at a loss.

Analysts say the slowdown in global demand, particularly in key markets such as China and the US, has combined with rising input and operational costs to squeeze profitability in a sector long associated with premium pricing power.

Traditionally, luxury houses have adopted high-cost approaches across their entire business, including areas not directly tied to product craftsmanship or customer experience, such as IT, logistics and back-office functions.

Daniela Klotz, managing director at Inverto, argues that meaningful savings can be achieved in these “indirect categories” without diluting brand identity.

“In indirect spend areas, systematic management can unlock savings of 8 to 10 per cent, or more, within six to twelve months,” she said.

One example is software licence optimisation. Many global brands overpay for unused or over-specified licences. “One client reduced software spending by 15 per cent through a rightsizing strategy,” Klotz noted.

Similarly, marketing and visual merchandising often incur heavy centralised production and international shipping costs to maintain brand consistency. By enabling approved regional suppliers to produce materials to centrally defined specifications, companies can preserve visual standards while reducing logistics and production costs.

“With the right strategy, spend in this category can fall by up to 30 per cent,” Klotz said.

Klotz said luxury brands need a clear, data-driven assessment of which elements of their supply chains are truly essential to maintaining brand equity and which can be streamlined.

Once that framework is established, artificial intelligence can help identify operational inefficiencies. AI tools can optimise transportation routes and shipping schedules, cutting freight costs while maintaining delivery standards.

In fashion, AI forecasting models can also help reduce overproduction, a persistent challenge when balancing sizes, colours and seasonal demand. Improved forecasting can limit discounting and wastage, directly protecting margins.

The luxury sector’s long-standing reliance on premium pricing and brand prestige is now being tested by softer consumer sentiment and more cautious spending.

Klotz argues that protecting margins in the current environment requires sharper focus. “With a clear cost management strategy and a disciplined approach to what is essential and what is not, fashion and luxury brands can significantly improve their margins,” she said.

As investor scrutiny intensifies and growth moderates, the sector’s next phase may depend less on headline price increases and more on operational excellence behind the scenes.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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