EG Group agrees to sell 218 KFC UK and Ireland Franchise Restaurants
The transaction agreed by EG Group – the largest KFC franchisee in the UK and Ireland – is an additional step in the company’s successful deleveraging strategy and continued progress towards putting in place a sustainable capital structure. The sale is expected to complete in the first half of 2024, with proceeds to be used to repay debt.
EG Group continues to operate in the USA, Australia, Germany, France, Italy, the Netherlands, Luxembourg, Belgium and the UK, including its wholly-owned bakery business, Cooplands, as well as franchise businesses with the Starbucks, Subway, Greggs, Sbarro, Chaiiwala and Cinnabon brands.
Zuber Issa and Mohsin Issa, CBE co-founders and co-CEOs of EG Group, said: “We are proud to have been a strategic partner of KFC in the UK and Ireland, playing an important role in helping the brand expand its footprint. Now is the right time to hand the baton to the KFC leadership team to continue to grow the brand in the UK and Ireland. This is the latest transaction in our significant deleveraging this year to put in place a sustainable capital structure for the group. We would like to thank all the colleagues who have helped deliver such exceptional brand standards and customer service over recent years, including during the Covid-19 period.
“We continue to make good progress against our key strategic priorities – delivering a world-class grocery and merchandise, foodservice and fuel proposition across nine markets globally.”
Meanwhile, Zuber Issa embarks on acquisition spree for over 120 UK sites.
Zuber Issa has announced ambitious plans to build his own forecourt empire, by appointing a commercial real estate firm to acquire more than 120 new UK sites in the next three years.
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