Kenya's multi million dollar Tamarind Group acquires Kengeles restaurant
The acquisition highlights Tamarind's expansion in recent months including the opening of a Sh1.2 billion hotel in Nairobi
The deal makes a new chapter for the Lavington-based restaurant which dropped from nine outlets in early 2000s to one owing to a failed franchise model.
“The merger will not affect competition negatively; and the combined turnover of the parties for the preceding year, 2016, was Sh1,224,757,242. However, the target had a turnover of Sh94,067,983, which is less than Sh100 million, and therefore, the transaction meets the threshold for exclusion under the Merger Threshold Guidelines,” read the notice.
The acquisition highlights Tamarind's expansion in recent months including the opening of a Sh1.2 billion hotel in Nairobi. The group owns and operates some of Kenya's best-known brands in the hospitality sector, comprising interests in restaurants, entertainment and accommodation.
Mr Gavin Bell, who founded Kengeles in 1998, attempted the model which led to massive losses accruing a Sh200 million ($2m) debt and the near collapse of the business.
He was hired to oversee the setup of US fast-food giant KFC in Kenya before stepping aside in2014 to rebuild his Kengeles brand. Last year, he joined Tamarind Group where he currently serves as the director of food and beverage operations.
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