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ArmRest, the franchisee of the KFC fried chicken restaurant brand, is selling the stores in Russia for $104.48 million or €100 million. It was reported that the Spanish casual dining, fast-food restaurant and coffee shop operator already signed an agreement to unload its KFC restaurant business in the said country.
As per Reuters, AmRest has been operating in Russia since 2007 and currently owns a total of 215 restaurants. Earlier this week, it confirmed the reports of its agreement to sell its KFC store chain to Almira, a Russian restaurant and entertainment firm.
The Madrid, Spain-headquartered fast-food firm is the latest to withdraw its business in the country. It follows a long list of Western companies that have also pulled out their brands, sold, or shut down their operations in Russia that has been attacking Ukraine since February this year with an intention to invade it.
AmRest said that the sale of its KFC business to Almira would not require any further impairments than those already booked in the accounting period closing in June. it was shared that prior to the invasion of Ukraine, Russia was considered one of the main markets for the company’s restaurant business.
In a press release, AmRest revealed that the “Completion of the transaction is subject to the approval by the competition authority in Russia, the consent by YUM! Brands Inc. and other regulatory authorizations that may be applicable in Russia.”
The company added that the final terms of the acquisition deal, which are also subject to some external factors such as the current exchange rate, will be posted if the transaction proceeds and is closed.
The Spanish company further stated, “AmRest estimates that after recognition of the impairment of the Russian business in its consolidated financial statements as of June 30, 2022, the completion of the transaction should not require further adjustments. AmRest has been present in Russia since 2007 and currently operates 215 KFC restaurants in this market.”
Photo by: Aleks Dorohovich/Unsplash
