Collins Foods flags impairments, leadership changes; to exit Taco Bell
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The news: Fast food chain operator Collins Foods has flagged impairments in its Netherlands restaurant portfolio and said it will exit the Taco Bell business following a strategic review.
The numbers: The company expects an impairment between $25.5 million and $32.7 million in its FY25 accounts as it adjusts restaurant numbers in the Netherlands to reflect challenging market conditions.
The context: Collins Foods, which operates KFC and Taco Bell restaurants in Australia and Europe, also said it is targeting opening 40 to 70 new KFC restaurants in Germany over the next five years and will consider acquisition opportunities there.
It has also decided to exit the Taco Bell business and is in discussions with the American company over the transition to new ownership, expected to be completed over the next 12 months.
Meanwhile, Europe CEO Hans Miete has stepped down from his role and will be replaced by COO Chris Johnson who has been appointed acting general manager of the unit. Australia COO Helen Moore has also left the business and has been replaced by Taco Bell general manager Krystal Zugno.
The source: ASX
