Polish KFC franchisee announces sale of Russian business
[ad_1]
The Polish restaurant holding AmRest Group has agreed to sell 215 KFC restaurants it manages under a franchise in Russia. message on the company’s website.
The buyer will be the Russian Almira, as a result of the deal, AmRest expects to receive at least 100 million euros. The holding emphasized that the deal still needs to be approved by the Federal Antimonopoly Service of Russia and the American Yum! Brands, which owns the KFC brand.
Yum! Brands announced the suspension of investments in Russian assets on March 7 amid a special operation in Ukraine. In total, more than 1,100 KFC outlets and 50 Pizza Hut outlets were opened in Russia at the end of 2021. Of these, the company owned only 70 KFC restaurants, which were closed in March.
On October 24, the company announced that it was selling its establishments in Russia to a local operator. At the end of November FAS allowed Izhevsk company “Smart Service Ltd” to buy the Russian business of Yum! Brands. As a result of the transaction, the company will receive 70 restaurants and become a franchisor for 1,058 partner outlets. Following the deal, they will continue to operate under the Rostic’s brand. The FAS believes that the deal will save jobs, as well as ensure the company’s continued operation in Russia. Prior to this, the company similarly sold the Russian assets of the Pizza Hut franchise to a local operator.
AmRest, which calls itself one of the largest restaurant holdings in Europe and an important participant in the restaurant industry in China, was founded in 1993 and has been operating in Russia since 2007. Earlier in June, the company sold the establishments of the Pizza Hut pizzeria chain that it manages in Russia. The buyer, according to the Kommersant newspaper, turned out Noy-M company, founded by top managers of the Rostik group, which develops Il Patio, Planet Sushi, TGI Friday’s restaurants. According to the publication, the business was sold for 300 million rubles.
Subscribe on “Vedomosti” in Telegram and stay up to date with the main news of the economy and business
[ad_2]
Source link
