Popeyes, the New Orleans-founded fast food chain, has secured a hefty £50 million ($63 million) investment from a private equity firm in the UK.
In doing so, the fried chicken chain joins a number of successful food partners at TDR Capital, including Asda and Pizza Express.
Popeyes only saw its inaugural UK outlet open its doors last November, in East London’s Stratford area, but the chain has swiftly risen to prominence among locals.
The milestone set the stage for an impressive and unexpected expansion in Britain, with 27 locations now established across the nation.
The recent launch of a drive-through site in Rotherham also proved an unparalleled success, shattering “multiple sales records” within the brand’s global portfolio.
With this new investment, Popeyes has forged a strategic partnership with the eminent TDR Capital, a patron of the UK’s largest pub group, the Stonegate Pub Company.
“We have a significant and strong pipeline of restaurants with landlords across the country recognising the opportunity of working with us and actively approaching us with good incentives,” says Tom Crowley, chief executive at Popeyes.
“This investment allows us to fully capitalise on these opportunities. TDR will bring its extensive experience to our business and we look forward to partnering with the team alongside our current owners Ring International Holdings on the next phase of growth for Popeyes UK.”
A chicken sandwich from Popeyes Louisiana Kitchen (Photo Illustration by Scott Olson/Getty Images)
Tom Mitchell, managing partner at TDR Capital, has expressed unyielding confidence in the partnership, saying the “significant demand” for Popeyes made it an “exciting, long-term investment opportunity”.
Elsewhere in the UK, famed burger brand Wendy’s is also seeing exponential growth, and the company has suggested it will have launched 45 locations by the year’s end.
Canadian coffee and doughnut chain Tim Hortons has also invested in its own UK expansion, with over 70 locations established since 2017.