KFC UK & Ireland has sold seven of its London restaurants to one of its fastest growing franchisees as part of a strategy to shift more branches to partners.
The seven stores have been purchased for a “multimillion pound” sum by FT Foods Limited, a newly incorporated company owned by Fazan Tahir of Tahir Group.
Tahir Group is a London-based property development and investment group that already operates a number of KFC restaurants and Starbucks Coffee shops.
Mr Tahir entered the business in the mid-90s and now serves as the principal executive operator. Under his stewardship, the KFC operations have grown faster organically than any other franchisee-owned business in London and, since the early 1980s, have won a continuous stream of operational and customer-service awards.
The family business now operates 25 KFC restaurants in total.
He said: “This deal is a significant step in my journey from my start in 1994 to what is today a multi-award-winning, multi-million-pound sales KFC business. I am very proud of our innovation, numerous awards and my outstanding team with its best-in-class culture. We intend to take the acquired restaurants forward and to add additional outlets, just as we always have done.”
Mr Tahir worked with sector specialists Smith Cooper Corporate Finance to complete the transaction. They assisted FT Foods in developing a bid document, agreeing terms with KFC’s advisers and project-managing the transaction through to completion.