AmRest sells its KFC restaurant business in Russia for 100 mln eur

AmRest follows hundreds of Western companies which have either withdrawn, sold or closed down operations in Russia since the invasion of Ukraine in February. The company said the sale will not require further impairments than the ones booked in the accounting period ending in June.

Madrid-based restaurant operator AmRest said on Tuesday it agreed to sell its KFC restaurant business in Russia for at least 100 million euros ($104.48 million) to Russian restaurant and entertainment company Almira. AmRest follows hundreds of Western companies which have either withdrawn, sold or closed down operations in Russia since the invasion of Ukraine in February.

The company said the sale will not require further impairments than the ones booked in the accounting period ending in June. Before the Ukrainian crisis, Russia was one of the main markets for the restaurant operator.