Caskade Group has expanded the number of KFC sites it operates after snapping up 13 stores in South East London and Kent from fellow franchisee Castlebarn.
The deal increases Caskade’s portfolio to 47 restaurants. It also runs 21 Taco Bell sites having worked with Yum! Brands – which owns both brands – since 1996.
Castlebarn was operated by David Catterall and Anton Jebaharan, who took over the business 14 years ago through an MBO.
The pair also ran Taco Bell restaurants but sold these several years ago in the first step to retirement from their restaurant interests.
“We’re delighted to have completed the transaction despite the Covid-19 pandemic, and to have sold to a fellow KFC franchisee,” said Mr Catterall.
A sale was originally agreed prior to the first government-imposed lockdown, but the restrictions brought the process to a temporary halt.
However, the strength of the KFC brand meant that trading recovered quickly and, as a result, the delay on the transaction ended up being just a few weeks.
The sale was handled by business advisory specialists Smith Cooper Corporate Finance, which has a team focused on the franchise M&A sector.