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Wed 6th Aug 2025 - Update: KFC UK performance, Soho Farmhouse, Companies House ID laws |
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Yum! Brands – ‘sales performance at the KFC UK equity stores acquired last April are ahead of our projections’: Chris Turner, the incoming chief executive of Yum! Brands, has said sales performance at the KFC UK equity stores it acquired in April last year are “ahead of our projections”. Yum! Brands bought 218 KFC restaurants from EG Group, its largest franchisee in the UK and Ireland, for an undisclosed sum. Speaking to analysts and investors following the company’s second quarter results where KFC UK saw like-for-like sales increase 5%, Turner said: “Since our acquisition [of the UK stores], we’ve been very pleased with the progress we’re making on improving the margins in those restaurants where sales performance has been ahead of our projections. However, this quarter still reflects the anticipated negative impact of those stores on year-over-year company margins. Total restaurant level margins were 16.3%, down roughly 150 basis points year-over-year due to an unfavourable commodity lap at Taco Bell and KFC’s higher mix of overall restaurant profit from our newly acquired UK stores.” In March, Scott Muzvinsky became KFC’s global chief executive having been president of Taco Bell North America and international, and a key pillar of his approach has involved modernising the brand to attract younger consumers. Outgoing Yum! Brands chief executive David Gibbs said: “Scott is encouraging boldness and creativity in innovation and marketing. As an example, The UK elevated KFC’s visibility and appeal with a younger audience through successful launches such as the Dirty Louisiana Burger and strategic cultural partnerships like Limitless Live, the UK’s largest free music event.” Gibbs also said Pizza Hut’s like-for-like sales growth of 2% was driven by the “Middle East recovery, positive transaction growth in the UK and strong performance in south Asia”. At Taco Bell, Turner said the team remains on track to meet its commitment of 100 international net new units this year, led by unit growth in the UK, where the brand has circa 140 sites, and Spain as well as planned entry into several new markets. He added: “We had strong company store profit growth in the first half, and we expect even stronger company store profit growth in the second half. That’s driven in part by Taco Bell and we also expect continued improvement in our KFC equity estate – those KFC UK stores that we acquired last year.”
Premium Club subscribers to receive updated Turnover & Profits Blue Book on Friday featuring 13 new entries and 58 updated accounts: Premium Club subscribers will receive the updated Turnover & Profits Blue Book on Friday (8 August), at noon. The database will feature 13 new entries and 58 updated accounts. The database now features a total of 1,151 companies, with 725 in profit and 436 making a loss. The Blue Book is updated each month and ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Premium Club subscribers also receive access to five other databases: the New Openings Database, the Multi-Site Database, the UK Food and Beverage Franchisor Database, the UK Food and Beverage Franchisee Database and the Who’s Who of UK Hospitality. All Premium Club subscribers will be offered a 20% discount on tickets to Propel paid-for events and discounts on specialist sector reports. Operators that are Premium Club subscribers are also able to send up to four members of staff to each of our four Multi-Club Conferences for free. Premium Club subscribers receive their daily Propel Info newsletter 11 hours earlier than standard subscribers, at 7pm the evening before. They also receive videos of presentations at eight Propel conference events two weeks after they are held. This represents around 100 videos of industry insight over the course of the year. Premium Club subscribers will be sent a dedicated monthly newsletter that will highlight key updates in the sector and direct subscribers to all the vital content their membership offers. Premium Club subscribers also receive exclusive opinion columns every Friday at 5pm, which include the thoughts of Propel group editor Mark Wingett and a host of industry leaders from across the sector. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email kai.kirkman@propelinfo.com today to sign up.
Soho House opens second Soho Farmhouse site: Soho House has opened its second Soho Farmhouse site. The outpost on the Spanish island of Ibiza follows the debut Soho Farmhouse in the Oxfordshire countryside in 2015. Located in the village of Santa Gertrudis, Soho Farmhouse Ibiza is nestled within a nine-acre olive grove, reports Robb Report USA The retreat comprises an eight-bedroom main house, a three-bedroom outbuilding, and a couple of two-bedroom villas for overnight stays, as well as a club, restaurant, and a wellness centre. Upon entering, guests are welcomed into a club space that overlooks the outdoor pool and the surrounding Ibizan landscape. A bar offers classic Soho House cocktails, as well as a new Ibizan-inspired Rosé Spritz. The Farmhouse restaurant serves Balearic-inspired food for lunch and dinner both indoors and out. The menu will evolve seasonally, guided by locally sourced ingredients. Signature dishes include the Cantabria Trio of fresh anchovies, smoked sardines, and marinated anchovies, and the sea bream carpaccio. Members staying in either villa can also book a private chef for a barbecue in their garden. Soho Farmhouse Ibiza is open year-round to local house members and overnight guests. Membership starts at €233 per month or €117 for under 27s. Every house member can book rooms, tables, pool spots and spa treatments.
Companies House to enforce strict ID laws for directors and owners: Companies House is to enforce a legal requirement for directors and people with significant control of businesses to verify their identities. The new rule, which follows the enactment of the Economic Crime and Corporate Transparency Act in 2023, will take effect from 18 November and cover both existing and new directors or persons with significant control of a company. Existing directors of companies, or people with significant control over a business, who are already registered at Companies House need to verify their identity within a year of the start date. Louise Smyth, chief executive of Companies House, which is an executive government agency, told The Times more than 300,000 individuals had already verified their identity during a voluntary period, which started in April. “Identity verification will play a key role in improving the quality and reliability of our data and tackling misuse of the companies register,” Smyth said. Identity verification requirements for limited partnerships, corporate directors of companies and a number of other corporate structures will commence later, the registrar added. Along with identity verification, the legislation has also given Companies House increased powers to investigate and scrutinise the registry, allowing it to reject documents containing incorrect or fraudulent information. While identity verification has been introduced to Companies House, some of the reforms announced by the registrar, intended to tackle fraud, might soon be reversed. In July, after protests from small business owners, the government said it would review changes that would mean companies classed as “small and micro” entities would be required to file a profit and loss statement for the first time from April 2027.
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