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10 September 2012
KFC FRANCHISEE HATCHES GROWTH PLAN
WITH MOVE TO HSBC
 New restaurants and jobs on the menu at Gastronomy Foods
Gastronomy Foods, which operates 11 KFC restaurants in Mid and North Wales, is
targeting significant expansion after securing a new finance package from HSBC
Commercial Bank. The move sees the company, which has moved its full business
banking across to HSBC, refinance its existing debt and secure additional facilities
to support its growth.
The company is targeting a total of 20 restaurants in the Mid and North Wales
region within the next five years and is due to open its twelfth outlet, located in
Oswestry, by the new year. Gastronomy Foods plans to double its existing 280strong workforce by the end of the expansion programme and expects to recruit
between 35 and 40 employees for the new restaurant, which will be based at the
Gateway Services on the A5. Premises have been secured for the Oswestry-branch
and building work is due to commence shortly to fit the restaurant.
Gastronomy Foods, which turned over £9 million last year and operates from
Welshpool, Powys, was founded by Akram Khan, who initially worked for the KFC
brand at two franchises owned by the father of his then girlfriend, and now wife
Sabina, in East London. Akram managed the branches on behalf of his father-in-law
before purchasing his own franchise in Chingford Essex in 2000.
After selling the franchise in 2006, Akram purchased seven restaurants in Wales.
Along with Operations Director Thamboo Subashkaran, who worked for Akram as
Area Manager at the London outlets and now owns 40% of Gastronomy Foods, the
business embarked on a refurbishment programme, with the help of KFC, to
modernise the restaurants, as well as expanding the workforce.
The company has since added additional units and currently owns KFC restaurants
in Holyhead, Rhyl, Colwyn Bay, Rhuddlan, Aberystwyth, Caernarfon, Bangor,
This news release is issued by
HSBC Bank plc
HSBC Bank plc. Registered in England number 14259. Registered
Office: 8 Canada Square, London E14 5HQ. Authorised and
regulated by the Financial Services Authority.
Llandudno and Llandudno Junction, as well as outlets in Shrewsbury and Stoke-onTrent.
Gastronomy Food’s relationship is led by HSBC’s North West Wales Commercial
Centre, based in Bangor, and is managed by Senior Commercial Manager Alun Pari
Huws. Support for the deal was provided by Tony Massey, Senior Franchise
Manager at HSBC’s specialist Franchise unit.
Managing Director Akram Khan said: “We have very ambitious plans in place to
grow our business and this was one of the primary reasons for moving across to
HSBC, which showed the support and conviction we desired in a banking partner. I
moved to Wales from Chingford six years ago because I saw an opportunity to
develop this much-loved brand to an underserved market.
“It has been extremely hard work growing this business but it has been equally
rewarding creating jobs and opportunities in the region. We support over 200
families and we aim to double that by opening new restaurants in the region over the
next five years. We are very much focused on the people and I eventually plan to
sell shares in the business to our employees to recognise their importance to the
company.”
Nigel Kay, HSBC North West Wales Area Commercial Director, added: “We have
been impressed by the drive and tenacity of the team at Gastronomy Foods. They
have demonstrated the management capability to not only survive in difficult
economic times, but also grow their business during the last few years. We look
forward to supporting the company’s growth plans and to establishing a long and
successful relationship.”
Ends
For further information please contact:
Michael Clarke,
HSBC Commercial Bank Media Relations Manager
Direct: 07920413672
Email: mike.j.clarke@hsbc.com
Twitter: @HSBCUKBusiness
For the latest updates, visit the UK Business Press Office social media newsroom:
http://www.newsroom.business.hsbc.co.uk
http://twitter.com/HSBCUKBusiness
Notes to Editors:
HSBC Bank plc: HSBC serves 16.1 million customers in the UK and employs
approximately 50,000 people. In the UK, HSBC offers a complete range of
personal, premier and private banking services including bank accounts and
mortgages. It also provides commercial banking for small to medium businesses and
corporate and institutional banking services. HSBC Bank plc is a wholly owned
subsidiary of HSBC Holdings plc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in
London. The Group serves customers worldwide from around 6,900 offices in over
80 countries and territories in Europe, the Asia-Pacific region, North and Latin
America, and the Middle East and North Africa. With assets of US$2,652bn at 30
June 2012, the HSBC Group is one of the world’s largest banking and financial
services organisations.