The restrictions associated with the corona pandemic have hit the catering industry in particular hard, and not just in your countrz. In Canada, too, the restaurants and pubs had to come up with something to survive financially. the Toronto Star reports now that a Canadian restaurant chain managed to get through this difficult time thanks to its BTC investment.
For example, the price of the cryptocurrency was around $12,000 when owners of the Tahini’s restaurant chain invested their savings in BTC. Aly and Omar Hamam saw the investment as a much better solution than saving cash. And the course development proved them right.
Everything shut down and our sales dropped 80 percent in a week. It was pretty frightening. We’ve been working day and night, around the clock, to keep the restaurants alive. We now have nine locations across Ontario and we aim to reach 20 to 25 locations by the end of 2022
, Hamam told the magazine.
BTC gains helped Tahini’s expansion
At the time of BTC’s entry, there were three Tahini’s restaurants, all in London, Ontario (Canada). Today there are three times as many, spread over a larger area. The Hamam brothers operate nine restaurants in the south of the Canadian province of Ontario, four in the Canadian branch of the English capital London. And the company wants to keep growing, as the quote suggests.
Tahini’s does not accept digital currency as a form of payment from its customers. Instead, it operates in Canadian dollars and then invests its profits in BTC.
We keep working capital in cash for about three to six months, and the rest goes into BTC. So when we expand, we are not forced to sell our BTC to fund the expansion. We try to operate conservatively, ie we never have to sell our BTC and just keep collecting money in our till
, Hamam explains the strategy.