The Herbert Group has announced the acquisition of 27 new KFC stores to its growing portfolio in Great Britain and Ireland. The expansion follows the company agreeing a major refinancing deal, with Danske Bank providing £27m of the new funding.
The Herbert Group, controlled by Northern Ireland businessman Michael Herbert, is the largest KFC franchise in Central Europe. The latest acquisition brings the group’s total number of stores to 145, with a further 20 stores contracted for quarter one in 2018. This will see the Group employ 5,000 store staff. Of the 100 new jobs being created, 80 of the roles are to support the roll-out of the home delivery service in Northern Ireland and further 20 created at the Group’s Head Office in Belfast.
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. We are delighted to be working with Danske Bank and the experience they bring in handling significant corporate financial transactions. The expertise, efficiency and commitment the Danske Bank team demonstrated during the refinance was exceptional, and we look forward to working with the Bank as our financial partner.”
He added: “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. I would also like to express our sincere thanks to Maneely McCann and DWF NI our respective Corporate Finance and Legal Advisors for their advice and support in making the deals happen.”
Brian Shane, Corporate Banking Manager at Danske Bank said: “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. 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.”
Geoff Sharpe, Head of Corporate at Danske Bank added: “This transaction further demonstrates Danske Bank’s ability to support large corporate transactions, delivering customer centric solutions and providing value adding services. We are delighted the Herbert Group are working with Danske Bank as their financial partner and look forward to supporting the management team in the years ahead.”