Tax settlement hits KFC franchisee’s profits

A €2.48m tax settlement with the revenue authorities in the UK last year hit profits at Michael Herbert’s KFC franchise business there.

Belfast businessman, Mr Herbert operates the KFC franchise here and in the UK and new accounts for his UK business disclose the £1.94m (€2.48m) settlement with revenue in the UK.

The tax settlement described as ‘revenue enquiry settlement’ in the accounts resulted in lower operating profits at Herbel Restaurants Ltd.