The largest KFC franchise in Europe has added a further 27 stores to its portfolio after agreeing a major refinancing deal with Danske Bank that provided it with £27m of new funding.
The Herbert Group, which is by controlled by Northern Ireland businessman Michael Herbert, now owns a total of 145 stores, with a further 20 sites contracted for the first quarter of 2018.
The expansion will see 100 new jobs being created, 80 of which will support the roll-out of a home delivery service in Northern Ireland. The other 20 will be at group’s head office in Belfast. In total it employs around 5,000 store staff.
Jason Carlisle, group finance director at The Herbert Group, said: “Our latest acquisitions are aligned to the growth plans for the group and the store portfolios acquired are a great strategic move for our expanding operations in UK and Ireland.
“In the past 12 months we have recruited for a number of senior positions across our finance, operations and development pillars in order to support the group’s growth plans. The transaction with Danske Bank provides the Group with the platform and funding structure to pursue further acquisitions.”
Brian Shane, corporate banking manager at Danske Bank, believes the funding will allow the Herbert Group to deliver strong future growth.
“Danske Bank has a long term relationship with the Herbert Group via the provision of our market leading cash management & liquidity solutions, and foreign exchange risk management,” he said. “The firm is well-positioned for future growth and with a strong management team in place, the business continues to go from strength to strength.”