TDR Capital acquires controlling stake in Popeyes UK

Fast food chicken chain Popeyes UK is under new ownership as British private equity house TDR Capital increased its shareholding in the business.

The firm, which also owns Asda, took effective control of Popeyes from Ring International, with the latter continuing to hold a minority stake following the deal.

TDR invested £50m in the QSR brand in August last year to help accelerate site expansion across the UK.

Popeyes currently operates from 38 locations in the UK after opening its maiden store in the country in Stratford in November 2021, with a plan to build the portfolio to 350 sites.

The group said it would open more than 30 new restaurants in 2024 following “exceptional” growth over the past three years.

“Popeyes UK is performing very well and already demonstrating significant growth potential,” added TDR managing partner Tom Mitchell.

“We are therefore pleased to be increasing our investment in the brand and the UK team, which is in line with our broader strategic ambitions in the sector.”

Popeyes UK CEO Tom Crowley said: “TDR Capital has demonstrated already why it is one of the leading private equity investors and we are thrilled to be working more closely with them as we roll out the Popeyes brand.

“We thank Ring International Holdings for all its support and investment during the startup phase of our business.”

TDR has experience in buying QSR chains through its backing of the Issa brothers and EG Group, acquiring the likes of Leon and KFC franchise sites to add to the forecourt giant, with the latter being sold off to Yum Brands in December.