Exclusive – Spanish restaurant group Iberica placed on market: Iberica, the Spanish restaurant business, which currently operates four London sites and one in Leeds, has been placed on the market, Propel has learned. Iberica, which was founded in London in 2008, is understood to have appointed RSM UK to assist in the disposal of the business. It is thought that would-be suitors have the opportunity to acquire the brand and IP. The deadline for expressions of interest is next Thursday (21 November) at 4pm, with a deadline for offers set for a week later. The company currently operates sites in Canary Wharf, Farringdon, Marylebone and Victoria, and in Hepper House, Leeds. Last month, the company said it was looking to extend the leases of its UK restaurants but not undergo any further expansion here, while it was also still exploring international opportunities. It came as the company reported a slight increase in turnover for the year to 30 September 2023, up from £9,042,000 in 2022 to £9,075,000. Restaurant Ebitda was down from £1,376,000 to £1,084,000, with Ebitda before pre-opening and exceptional costs down from £309,000 to a loss of £93,000, and overall Ebitda down from £399,000 to a loss of £72,000. The company’s pre-tax loss widened from £309,304 to £826,985, and post year-end, in May 2024, it refinanced its loan facilities. Its bank loans at the year-end had stood at £4,230,166 (2022: £4,589,478) and had been due for repayment in April 2025. RSM declined to comment.

KFC launches youth advisory board and reviewing hiring practices to make workforce more accessible for young people: KFC has launched a youth advisory board as it aims to make the workforce more accessible for young people. The board, created with Youth Beyond Borders, aims to ensure the voices and views of young people are built into business initiatives, decision-making and hiring practices. The board will form part of KFC’s commitment to reviewing its hiring practices across the business. This will include a thorough analysis of language used in job applications, qualification requirements expected of young people, and the interview process itself, and will aim to create more openness and opportunity for young people. Alongside this, KFC will also be launching a CV and career mentoring pilot in its restaurants. It comes in response to research by the company, in partnership with UK Youth, which found harmful stereotypes and negative treatment of young people in the workforce are fuelling young people to fall out of work, as levels of economic inactivity among 16 to 25-year-olds hit a record high. The study, which sought the views of more than 9,000 young people and 2,000 employers over a three-year period, found more than nine in ten (93%) young people have experienced negative treatment in the workplace because of their age, rising from 88% three years ago. Top issues faced by young people in the workforce include being undervalued (81%) and patronised (78%), while 69% of young people said they have lost out on a promotion and three quarters (75%) have been outright rejected from a job, on the basis of their age. Meanwhile, almost half (49%) of young people feel like they can’t progress in their career. Positively, 85% of employers recognise they have a responsibility to help young people into the workforce and there is appetite to do more. Meghan Farren, UK general manager at KFC, said: “As one of the largest youth employers in the country, with 65% of our workforce under the age of 25, I see the positive impact that young people make to my business every day. It’s why KFC is committed to making the workforce more accessible for young people.”