KFC has placed a big bet on Britain’s appetite for fried chicken by pledging to invest almost £1.5bn in the UK over the next five years.
The brand, which celebrates its 60th birthday in the UK this year, plans to invest £1.49bn towards growing its 1,000-strong estate and upgrading many of its existing restaurants, which it estimates will create thousands of new jobs.
KFC will spend £466m on expanding the number of restaurants it operates in the UK and Ireland by a further 500 over the next decade, focusing on building sites and drive-thrus in key locations for the business such as Ireland and the North West.
It is also to invest in upgrading more than 200 existing restaurants, which make up 20% of its estate, reports The Times. Through this expansion, KFC said it would create more than 7,000 new jobs within its UK and Ireland business and across its supply chain over the next five years, including kitchen-based roles and restaurant managers.
Rob Swain, general manager of KFC UK and Ireland, said the group had “never seen such strong demand for freshly prepared fried chicken as we’re seeing today”.
The fried chicken market in the UK is estimated to be worth £3.1bn, with new entrants to the market such as Popeyes, Wingstop, Dave’s Hot Chicken and Slim Chickens gaining cult status.
Fierce competition is not putting off Swain, however, who believes that KFC, “as the market leader” is “incredibly well positioned to unlock this opportunity”.
He said: “That’s why we’re doubling down on our commitment to the UK and Ireland with a major investment in our restaurants and in the suppliers who have been so crucial to our success.”
KFC estimates that the investment will contribute a gross value added boost of £169m to the UK economy over the next five years.
