KLE acquires full ownership of local Tracks and Records franchises
Usain Bolt’s Tracks & Records in Montego Bay.
KLE Group, franchisers of the international fast-casual dining restaurant, Usain Bolt’s Tracks & Records, has 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.
In a statement on Thursday, KLE said the acquisition is in alignment with the company’s plans to streamline operations and expand locally.
According to KLE, Issa gladly accepted the offer, as his owner was less about operating the restaurant and more about seeding specific investments in and around the city of Montego Bay.
“My original intent was to add attractions to the strip [Jimmy Cliff Boulevard] 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,” Issa is quoted as saying.
According to Gary Matalon, CEO, KLE Group, the restaurant has performed very well since opening both in terms of sales and customer satisfaction.
He went on to note that KLE now looks forward to operating Montego Bay along with the Kingston operations.
Gary Matalon, CEO of KLE Group
“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, has 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.
“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 programme for the UK. We are currently applying the learnings to adjustments to the model along with the identification of new target locations," Matalon.
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 said, 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.