AmRest, through its subsidiaries AmRest Sp and AmRest Acquisition Limited, signed an agreement with the Russian company Almira to sell the KFC restaurant business in the country of Vladimir Putin.
The news was communicated on the night of this Tuesday, December 6 to the Madrid stock market.
Although the completion of the sale is subject to permissions from the Russian competition authorities, no major problems are expected.
Also the consent of Yum! brands, American company that owns the brand, and other European regulatory authorizations.
Amrest, the holding company with Mexican capital (basically Carlos Fernández) who also owns, for example, La Tagliatella, expects to earn about 100 million dollars from the sale of KFC restaurants in Russia.
Amrest leaves its Russian KFCs
The sale of the KFCs in Russia is the completion of an exit path that began in April, when Amrest finalized the master franchise agreement with Pizza Hut in that country and through which it transferred 50 restaurants to an external operator determined by Yum! brands.
Amrest CEO José Parés told The country that it was considering various alternatives for exiting the Russian market, a country in which since March, after the invasion of Ukraine, They decided not to invest anymore.
The holding said that the details of the operation will be communicated once the sale of KFC restaurants in Russia to Almira is finalized.
According to the detail sent to the Spanish stock market, the exit will not produce any further impact on Amrest’s finances beyond the deterioration of the business in Russia in the financial statements of the first half (about 32 million dollars).
The company, which is listed on the Polish and Spanish stock exchanges, said its sales grew 28.1 percent between January and September, to $1.78 billion.
The company has nearly 2,400 fast food restaurants in 23 countries, with franchise rights to several leading brand markets including Burger King, Starbucks and Pizza Hut, as well as KFC.
It is also the main franchisee for Pizza Hut Express and Pizza Hut Delivery in Central and Eastern Europe.
It is also the owner of La Tagliatella and its own brands such as Bacoa and Sushi Shop.
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