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Morning Briefing for pub, restaurant and food wervice operators

Fri 3rd Feb 2017 - Kout sells Little Chef portfolio to Euro Garages
Kout sells Little Chef portfolio to Euro Garages: Kout Food Group (KFG) has sold its Little Chef roadside portfolio to Euro Garages, the forecourt and roadside operator. A spokesman said: “KFG acquired the roadside business in 2013 and has completed a series of refurbishments and opened over 45 Burger King and Subway units within several of the sites, creating new jobs for the communities around the 70 locations. As part of its commitment to the communities in which it operates, KFG has ensured continued employment for all its roadside employees and is confident that Euro Garages will continue to develop the strength of the people and roadside brands as well continue to serve their roadside customers.” Kout Food Group bought the Little Chef portfolio for an estimated £15m – the sale price has not been revealed. Kout Food Group has also previously sold its interest in Cha Cha Moon, off Carnaby Street, to the site’s property landlord. In October last year, Euro Garages joined forces with European Forecourt Retail Group, creating a new holding group called Intervias and a combined board. Both businesses are owned by private equity firm TDR Capital, which bought a minority stake in Euro Garages in October 2015 in a deal that valued the company at £1.3bn. There is limited recent information on Kout Food Group’s performance in the UK but Kout chairwoman Fadwa Al-Homaizi reported in 2014 its UK business was nearing break-even. At the time, she stated: “Total sales in the UK for 2014 were over £110m, representing a 44% increase over 2013. The like-for-like analysis shows  the key businesses in the UK have grown by over 6.5% during 2014. The UK businesses now in terms of sales, personnel and capital employed, are almost as large as (our) Kuwait business. KFG has achieved a take-off stage in the UK – in 2014, the loss after central overheads was lower by £2.3m as compared with 2013 and was close to break-even and profitability.”

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