Asda owners planning new restaurant in south Belfast
A company owned by the Issa brothers has submitted a bid to redevelop a vacant site on Belfast Lisburn Road as a restaurant.
Billionaire Asda owners Mohsin and Zuber Issa bought Northern Ireland tycoon Michael Herbert’s fast food empire just before the first Covid-19 lockdown in March 2020.
The deal, reportedly worth in the region of £40 million, included 146 KFC outlets across the UK and Ireland.
The Northern Ireland end of the fast food business they acquired, now called Scotco NI, has submitted a planning application for a new build restaurant at 565-567 Lisburn Road.
Parallel applications seek permission for a new restaurant with wither two or four apartments above it.
The three-storey structure has been designed by architects Coogan & Co.
Speaking at the time of the Herbert deal, the Issa brothers pledged to continue opening new KFC restaurants.
The latest accounts filed with Companies House for Scotco NI show it recorded a pre-tax loss of just under £300,000 for its last full year before the pandemic (ending December 2019).
While its turnover fell 9% the subsequent year (ending December 30 2020) to £29.8m, it recorded a profit before tax of £602,066.
However, the company did benefit from £1.2m in government support during that period.
