KLE Group, franchisers of the world-renowned international fast-casual dining restaurant, Usain Bolt’s Tracks & Records, has recently acquired full ownership of all its local franchises across Jamaica. The most recent acquisition is of the Montego Bay franchise, which was owned by prominent Hotelier and Businessman, Christopher Issa.
The acquisition came after the KLE Group decided to approach the Montego Bay franchise owner with an offer to buy the franchise, an offer that was in direct alignment with the company’s plans of streamlining operations and expanding the brand locally. The idea and offer were gladly accepted by Mr Issa, whose initial objective as a UBT&R franchise owner was less about operating the restaurant and more about seeding specific investments in and around the city of Montego Bay.
Issa added that he had hoped that something like this would have happened as, “my original intent was to add attractions to the strip to help revitalize local businesses and encourage tourists to patronize them. I’m very happy that the restaurant has developed a loyal following from locals and tourists.”
Gary Matalon, CEO, KLE Group says the restaurant has performed very well since opening, both in terms of sales and customer satisfaction and KLE now looks forward to operating Montego Bay along with the Kingston operation and the synergies that will no doubt come from operating both.
He stated, “When we approached Chris with our plan and made him an offer, he gladly accepted as it is a win-win for all of us. KLE Group now having full ownership and control of all the local franchises allows us the ability to grow the brand exponentially. This acquisition will improve our economies of scale, increase our earnings, assets and profitability”.
The KLE Group since opening their first UBT&R restaurant in 2011, in Market Place, Kingston, have gone on to expand to other cities including Ocho Rios, Montego Bay and London. Currently, the Ocho Rios location is pending reopening while London is currently performing at the projected level, according to the Group CEO.
Matalon added, “We’ve just completed our first year of the 12000 sq ft franchise in London and those learnings have forced us to re-strategize the roll out programmed for the UK. We are currently applying the learnings to adjustments to the model along with identification of new target locations.”
By acquiring full ownership of all of its local franchises, the KLE Group is able to leverage this control to further expand and develop the brand overall. Matalon says that with the new Montego Bay acquisition, patrons can expect the highest standard of the Tracks & Records brand as they continue to collaborate with the Kingston team and their associates, Reggae Sumfest, to create a dynamic and thriving entertainment package to bring even more energy to the heart of Montego Bay.