TDR Capital takes controlling stake in Popeyes UK ahead of major expansion

Private equity firm TDR Capital has taken a controlling stake in the UK arm of fast-growing fried chicken chain Popeyes.

Popeyes was founded in New Orleans in 1972 and has opened 38 sites in the UK since launching in London in 2021. It has plans to almost double in size and launch more than 30 new restaurants this year.

TDR, which also backs Stonegate Pub Company and Pizza Express, invested £50m in Popeyes last year and has increased its shareholding to take effective control from dual investor Ring International Holdings, who retain a minor stake.

Tom Mitchell, managing partner at TDR Capital, said: “Popeyes UK is performing very well and already demonstrating significant growth potential.

"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 launched a UK-wide wedding catering service last summer, offering chicken sandwiches, biscuits and hot wings for up to 150 guests.

It opened its first drive-through restaurant in Rotherham last year, which the chain said broke multiple sales records across its portfolio.

Tom Crowley, chief executive of Popeyes UK, 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 start up phase of our business.”

Popeyes operates over 3,000 restaurants in the US and Canada.