Chicken sites to go under the hammer

By Phil Boeyen, ShareChat Business News Editor

Wednesday 31st October 2001

Fast food operator Restaurant Brands (NZSE: RBD) plans to auction 51 of its KFC sites and use the proceeds to pay debt and fund growth.

The company says it has a policy of not owning property and out of a total of 87 KFC stores it currently leases 30.

It will retain ownership of six stores in the interim but the rest will be auctioned in early December.

"The sale is expected to realise approximately $45 million which will be used to pay down debt and fund future growth initiatives," the company says.

"The sale and leaseback is not anticipated to impact on the operation of the KFC business."

Restaurant Brands leases all of its Pizza Hut and Starbucks Coffee sites.

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