Today Collins Foods Limited [ASX:CKF] has shot up in share value by 1.68%
They are now trading at $5.14 a share while sitting on a market cap of $597.481 million.
Collins Foods was founded in 1968 and are based in Hamilton, Australia.
They operate and manage restaurants in Australia and other places around the world. In particular fast food giant KFC.
Fast food acquisition helps Collins Foods Share Price
Last year, Collins announced it was paying $110.2 million to acquire 28 new KFC restaurants located all around Australia.
Collins owns hundreds of KFC restaurants all throughout the country, making them the largest KFC chain in the country.
They are also expanding to Europe as they have acquired 16 restaurants in the Netherlands to add to its Scandinavian chain.
Following last year’s first Taco Bell launch at Annerley, Queensland, Collins plans to launch its second restaurant in 2018.
Last year, Collins Food successfully went through with a $44.1 million entitlement offer.
The retail entitlement offer raised about $18.3 million and was also backed by the company’s shareholders.
Business News Australia reported that CEO Graham Maxwell stated:
‘The successful completion of Collins Foods’ $44.1 million entitlement offer is an important milestone for the company and we would like to thank all shareholders and new investors who participated in the offer and supported the company in its acquisition of 28 KFC restaurants in Australia.’
Some of their new fast good restaurants were acquired from the YUM! Brand.
Future growth for Collins Foods?
Last December, Collins Foods announced Sizzler manager Kevin Perkins has made the decision to retire from his executive role but will remain on the board.
CEO, Graham Maxwell said he was grateful for Perkins’ support, as his insight and guidance contributed to the sizzler brand in Australia and Asia.
They are now focusing on expanding their hand in Taco Bell as they are willing to try to acquire a third restaurant.
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