Michael Herbert, who is Europe’s largest KFC franchisee, is set to open a further 27 restaurants across the UK and Ireland.
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.
It brings the group’s total number of stores to 145, with a further 20 stores contracted for quarter one in 2018.
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.”
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.”
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement