By Courtney Trenwith
Kout Food Group takes over roadside restaurants for $23m, six years after administration
A Kuwaiti business has bought the famous UK roadside restaurant chain Little Chef.
Kuwait-based Kout Food Group has bought British roadside dining chain Little Chef for about 15 million pounds ($23m).
Kout, which also owns the Maison Blanc bakery chain in southern England and more than 40 Burger King and KFC sites in Britain and Kuwait, bought Little Chef from RCapital, the private equity firm said on Sunday.
The popular diner, founded in 1958, was saved from liquidation in 2007 when it was bought by RCapital, which specialises in turning around loss-making businesses.
It underwent a significant restructure, slashing store numbers from 234 to 83 and staff from 4,000 to 1,100, and launched a new menu.
The restaurants are now back in the red and serving more than 6m customers a year, according to the BBC.
It was included in the Good Food Guide in 2010 and 2011 and appeared in a book about Queen Elizabeth’s favourite British brands published for her Golden Jubilee.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.