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FINANCIAL NEWS
Kuwait’s Kout Food acquires UK’s Little Chef for USD23m
05 Aug 2013
(MENAFN) Kuwait’s Kout Food Group has agreed to acquire the famous UK roadside restaurant chain Little Chef for USD23 million, Arabian Business reported.
Kout, which also owns the Maison Blanc bakery chain in southern England and more than 40 Burger King and KFC sites in Britain and Kuwait, bought Little Chef from RCapital.
The popular diner, founded in 1958, was saved from liquidation in 2007 when it was bought by RCapital, which specializes in turning around loss-making businesses.
It underwent a significant restructure, slashing store numbers from 234 to 83 and staff from 4,000 to 1,100, and launched a new menu.
The restaurants are now back in the red and serving more than 6 million customers a year, according to the BBC.
It was included in the Good Food Guide in 2010 and 2011 and appeared in a book about Queen Elizabeth’s favorite British brands published for her Golden Jubilee.
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