Hendersons acquire The streat franchising Limited
Henderson Food Service, a leading foodservice business in Northern Ireland and a division of the Henderson Group, has announced the purchase of The Streat. The Streat was originally founded by Michael and Nikki McQuillan in 1999 - a pioneering franchise café chain which now has 37 outlets across N. Ireland, the Republic of Ireland and Scotland. According to the information provided, the franchise network has an annual turnover in excess of £8 million and enjoyed consistently strong growth.
Damien Barrett, Managing Director, Henderson Foodservice, explains, “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. As a local wholesaler we see this as a very positive investment in a local brand which will bring mutual benefit. Henderson’s will add value to The Streat through our property skills, buying power and foodservice expertise whilst The Streat will bring an exciting new dimension to our overall business and help expand our franchise portfolio. As well as stand-alone cafes, at present we have two Streat franchises within Spar stores and we will continue to explore this as a collective opportunity.”
Welcoming the announcement Michael McQuillan of the Streat said, “The deal with Henderson Foodservice is a fantastic opportunity for the chain to realise its true growth potential. 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 not only be able to increase its franchise outlets but also expand its `more than a café` business model to include additional outside catering and food delivery elements. We see this move as a natural partnership and look forward to working with our new colleagues.”
Following the deal The Streat brand name will continue, all staff will carry on working as before and Michael McQuillan will continue to run the company. (kbp)
the streat (UK)
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