Collins Foods Limited is opening more than 50 new Taco Bell restaurants in Australia.
The company has entered into a development agreement with Taco Bell, subsidiary of Yum! Brands, that will govern the roll-out of the restaurants across multiple states in Australia between January 2019 and December 2021.
The agreement covers three Australian states, including Queensland, specifies an annual new build restaurant number, and provides Collins Foods with the right of first offer in relation to the establishment of new Taco Bell restaurants across the relevant states.
The roll-out will be funded from internally generated cash flows.
Collins Foods opened its first Taco Bell in Annerley, Brisbane in 2017 and it plans to open a further three restaurants in Robina, Cleveland and North Lakes before the end of 2018.
Collins Foods’ managing director and CEO, Graham Maxwell said the company has seen tremendous enthusiasm for the Taco Bell brand in Australia, and this is reflected in the continued strong performance of its Annerley restaurant.
We believe in the significant growth potential of Taco Bell, and are pleased to have the strong confidence of Yum! Brands to grow Taco Bell’s presence across Queensland and into other markets,” said Maxwell.
Collins Foods is a KFC and Taco Bell franchisee in Australia and KFC franchisee in the Netherlands and Germany, the owner of Sizzler restaurants in Australia and the franchisor for Sizzler in Asia.