Krispy Kreme UK bought by investors
Krispy Kreme UK, the premium quality doughnut retailer, is planning major expansion throughout out the UK following a £25 million management buy-out.
The buy-out was led by joint managing directors Richard Cheshire and Rob Hunt and backed by private equity firm, Alcuin Capital Partners.
Over the next four years, the company will aim to grow its total number of UK stores from 45 to 80 and increase the number of cabinets in retail outlets from 350 to 400.
Alcuin, whose other key investments include the Caffé Nero coffee chain, has taken a majority stake in Krispy Kreme and appointed partner Mark Storey to the board as chairman to work alongside the existing management team.
Richard Cheshire, joint managing director of Krispy Kreme UK, said: "We are delighted to bring Alcuin into the Krispy Kreme family in the UK, and look forward to working with Mark Storey and the team going forward.
"Krispy Kreme has expanded rapidly in the UK since we launched in 2003, and our current business plan aims to build on this growth. With the support of Alcuin, we plan to achieve this by focusing on our core business of making premium quality doughnuts and coffee, geographically expanding our retail and wholesale operations and providing outstanding career paths for high calibre people.”
Rob Hunt, joint managing director of Krispy Kreme UK, added: "When we began looking at the potential for private equity involvement in the business, we were looking for a investor with a like-minded view of the future for Krispy Kreme in the UK.
“Alcuin is an ideal partner, with substantial expertise in supporting rapidly growing businesses with strong management teams. We look forward toworking with the team to deliver the Krispy Kreme experience to more peopleacross the UK over the coming years – via further geographic expansion and by developing our customer experience in existing stores.”
Krispy Kreme launched in the UK in 2003. In its 2010 financial year, the company reported sales of £33.4 million, an increase of 12.6% on 2009.
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