Brewer Thai Beverage has agreed to purchase more than 240 KFC stores in Thailand for 11.3 billion baht (US$339 million approximately), becoming the third and final joint-franchisor for KFC Thailand.
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Controlled by tycoon Charoen Sirivadhanabhakdi, ThaiBev announced on Tuesday that its subsidiary, the QSR of Asia Co Ltd, had entered into an asset sale and purchase agreement with Yum Restaurants International (Thailand) to acquire more than 240 existing and a number of developing KFC stores in Thailand.
Thailand boasts some 600 KFC outlets. The move puts KFC branches in under three franchisees — Central Restaurant Group (224 branches), Restaurant Development Co (128 branches) and 240 branches for QSA.
The acquisition will be completed by the end of this year, the statement said. As well as an expansion into the fast-food retail market, the deal would give ThaiBev access to KFC’s network across the country.
“With QSA’s restaurant management expertise, we are well positioned to accelerate KFC’s further expansion in Thailand,” said Nongnuch Buranasetkul, senior vice-president for the food business, in a statement.
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Apart from Thailand, there are several countries that have more than one franchisee for KFC outlets, including Australia, the United Kingdom and India.
The news follows an announcement back in March that Yum Restaurants International had sold its Pizza Hut business to Thoresen Thai Agencies, a shipping group controlled by the Mahagitisiri family.