Posted on Wednesday 20 January 2010 byUlster Business
Nationwide franchise café chain The Streat has been bought by Henderson Foodservice, a division of Henderson Group, for an undisclosed sum.
The Streat said its 37 outlets in Northern Ireland, the Republic of Ireland and Scotland produced annual turnover for 2009 of over £8 million, an increase of 8% on the previous year. It was founded in 1999 by Michael and Nikki McQuillan and now employs 350 people. Henderson Foodservice said all staff will continue to work for The Streat and Michael McQuillan will continue to run the company.
“The deal with Henderson Foodservice is a fantastic opportunity for the chain to realise its true growth potential,” Mr McQuillan said. “We are very excited about the potential to develop our newly developed ‘Food To Go’ concept and with the support of such a significant player in the foodservice business The Streat will be an even more attractive business model for future franchisees. We see this move as a natural partnership and look forward to working with our new colleagues.”
Damien Barrett, managing director, Henderson Foodservice said: “The Henderson Group has extensive experience in the franchise business through the Spar and Vivobrands and it is an area in which we have actively sought growth opportunities. The Streat offers an attractive proposition as a very successful and well run business whose company ethos and ambitions echo our own.”