KFC franchisee plunges into red with €45m loss

A major holder of franchises for the Kentucky Fried Chicken (KFC) brand in Ireland and the UK has seen its holdings in the Republic plunge into the red, with losses nearing €45m.

Newly-filed accounts for Herbel Restaurants (Ireland) show exceptional costs drove the €44.7m pre-tax loss in 2015. The exceptional costs relate to the writedown in value of the firm’s property portfolio, from nearly €95m to €47.45m.

The latest accounts cover the eight months to the end of November 2015. In that time, Herbel (Ireland) recorded revenues of €9.6m. This compared to sales of €18.33m for the preceding 12-month period.