Alcuin is pleased to announce the sale of Krispy Kreme UK (“KKUK”) to Krispy Kreme Group, its U.S.-based brand owner.
Founded in 1937 in the US, the UK operations began in 2003 when KKUK opened its first flagship store in Harrods, London before expanding to other cities across the UK including Manchester, Birmingham, Leeds and Edinburgh. The business now sells over 62 million doughnuts “made fresh daily” each year.
At the time of Alcuin’s investment in 2011, KKUK had 42 stores and 207 in-store cabinets. Under Alcuin’s ownership KKUK grew to over 70 stores and over 690 in-store cabinets, with revenue, gross margin and profitability increasing substantially.
Following the sale to the U.S.-based brand owner, KKUK will continue to operate as normal and the company will continue to pursue growth through the opening of new retail stores and self-serve cabinets across the UK and Republic of Ireland.
Mike Dowell, CEO of Krispy Kreme UK Ltd, said: “Today’s announcement is very exciting for our business and all of our people. Krispy Kreme Group has been very supportive of our progress and growth over recent years and we look forward to working more closely with them as we continue to grow the brand in the UK and Ireland. I would like to take this opportunity to thank Alcuin Capital for their support and guidance over the last five years.”
Grace Henderson-Londoño, Partner at Alcuin Capital, commented: “Since our original investment in 2011, we have very much enjoyed working with the management team to grow the business into the extremely successful operation that it is today. We wish the team all the very best for the future.”
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