Popeyes hungry for growth as it secures £50m funding

1st August 2023 | Jack Oliver

Popeyes is hungry for more UK restaurants as it secures £50m of additional funding from TDR Capital.

The American fried chicken chain, which first came to the UK in Stratford in November, has since opened a further 27 sites this side of the pond.

This year, the chain also opened its first drive-through site in Rotherham, which Popeyes said broke multiple sales records for the brand.

Popeyes aimed to open around 350 restaurants in the UK following its arrival.

For TDR, this is the latest in a series of moves into the food retail market, following its joint acquisition of Asda alongside the billionaire Issa brothers, with whom the capital markets company also co-owns the EG petrol forecourt group.

Tom Crowley, chief executive at Popeyes UK, said: “This partnership with TDR Capital allows us to continue the fantastic momentum we have built up across the UK and to accelerate our store openings programme.

“We have a significant and strong pipeline of restaurants with landlords across the country recognising the opportunity of working with us and actively approaching us with good incentives. This investment allows us to fully capitalise on these opportunities.”

Tom Mitchell, managing partner at TDR Capital, added: “There is significant demand for the brand and its product, which makes this an exciting, long-term investment opportunity for TDR.

“We’re looking forward to putting our capital to work and supporting the company through its next phase of growth as it opens further locations and creates new jobs across the country.”


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