Global chain Simit Sarayı plans to buy Komşufırın

Published 13.06.2017 01:03

Turkey's global simit chain Simit Sarayı is currently in talks to purchase the bakery chain Komşufırın, according to the Dünya daily.

Simit Sarayı, managed by CEO Abdullah Kavukçu, has recently experienced some rapid growth in the U.K., opening the seventh store in London last month.

The company currently operates 400 branches worldwide, with 250 in Turkey.

Simit Sarayı, which amounted to 89.48 million euros in exports in 2016, aims to take that number to 178.95 million euros in 2017.

Komşufırın was founded in 2006 by Doruk Group Holding owner Hasip Gencer, son of Turkey's first flour exporter. It serves more than 1 million customers every month through its 72 branches in Istanbul and three elsewhere.

In 2008, Yıldız Holding, which belongs to the Ülker family, purchased stakes in Komşufırın. The number of stores was 10 at that time, but rose to 74 in 2013, when Yıldız Holding returned the shares.

Gencer, who launched the KF Mutfak brand last year, is aiming to open 25 new branches this year.

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