Yum! Brands closed the deal to sell its KFC outlets in Russia
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American Yum! Brands has closed a deal to sell its Russian KFC restaurants to the Izhevsk company Smart Service Ltd. message on the company’s website.
Smart Service Ltd. is owned by Konstantin Kotov and Andrey Oskolkov. They own the Food Service Group of Companies, which franchises 41 KFC establishments. In addition, businessmen are developing eight restaurants of Rosinter under the franchise (brands IL Patio, Planet Sushi, etc.).
As a result of the transaction, the company receives 70 restaurants and becomes a franchisor for 1,058 partner outlets, which it is obliged to rebrand as Rostic’s. Initially, the rebranding will affect 100 restaurants.
“With the completion of this latest transaction, Yum! Brands and KFC have terminated their corporate presence in Russia,” the company said.
American company Yum! Brands, which owns the KFC brand, announced the suspension of investments in Russian assets on March 7, 2022 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.
About Yum! Brands decided to sell its locations in Russia to a local operator, it became known in October last year. At the end of November FAS allowed “Smart Service” to buy Russian business Yum! Brands. The FAS then noted that the deal would save jobs, as well as ensure the further work of the company in Russia. Prior to this, the company similarly sold the Russian assets of the Pizza Hut franchise to a local operator.
At the end of February, the Polish restaurant holding AmRest Group agreed on the sale of 215 KFC restaurants managed by him under a franchise in Russia to Smart Service, reported RBC. Moreover, shortly before this, the FAS approved the deal for the sale of Almira LLC. As a result of the transaction, AmRest expects to gain 100 million euros.
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