The parent company of Pizza Hut, Taco Bell and KFC has struck a £300m deal to sell the majority of its company-owned KFC sites in Britain to franchisees.
US firm Yum Brands owns nearly 900 KFC stores in the UK and plans to sell about 180 of its 230 company-owned and run outlets as it shifts its focus towards franchising, The Times reported.
The news comes after KFC announced a senior level reshuffle which will see Martin Shuker, general manager, replaced by chief financial officer, Paula MacKenzie, who has helped Yum Brands achieve 48 out of 52 quarters of growth and become a £1 billion business.
Yum Brands announced a refranchising programme last year, marking plans to sell all but around 50 of its company-owned stores.
The firm announced the process would see the sale of “bundles of restaurants” to three new KFC franchisees and 12 existing ones, according to the report. It is hoped that the sale process will be completed by the end of next year.
Yum sold its Pizza Hut UK business in 2012 following a similar refranchising process which KFC is seeing now. It unveiled plans last year to increase its franchise ownership for all its restaurant brands from 77% to 98% by 2018.