Collins Foods
Collins Foods is an Australian publicly listed restaurant operator and franchisee best known for operating KFC restaurants in Australia and Europe.
Last updated August 31, 2026
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Overview
Collins Foods is an Australian restaurant operating and franchising company headquartered in Brisbane, Queensland. Its principal business is the operation of KFC restaurants under franchise and development agreements, with activities in Australia, Germany and the Netherlands. The company is one of the larger KFC franchise operators in its markets and has built its current identity around acquiring, developing and managing established quick-service restaurant locations rather than creating a broad portfolio of proprietary consumer brands. The business originated in the United States. James Collins acquired the Sizzler brand in 1967 and founded Collins Foods International in Culver City, California, in 1968 after discussions with Colonel Harland Sanders. At its height, the company operated more than 240 Sizzler and KFC restaurants in the United States and Australia. Its strategic direction changed in the late twentieth century. Between 1990 and 1991, it sold 209 US KFC restaurants to PepsiCo, and the company subsequently changed its name to Sizzler International as the Sizzler business became more central. It later became Worldwide Restaurant Concepts in 2001. Pacific Equity Partners acquired Worldwide Restaurant Concepts in 2005. The transaction moved the headquarters to Brisbane and restored the Collins Foods name. PEP held a majority interest while management held the balance. In 2011, PEP sold its stake through an initial public offering, ending its ownership and establishing Collins Foods as an ASX-listed company. KFC has been the company’s principal growth engine since the public listing. Collins Foods expanded its Australian estate through acquisitions from Competitive Foods Australia and Yum! Brands, including a major 2013 purchase of 44 Western Australian and Northern Territory restaurants, a 2016 purchase of 13 restaurants in New South Wales and Victoria, and a 2017 purchase of 28 restaurants in Tasmania, South Australia and Western Australia. It also entered Germany through the acquisition of 11 KFC restaurants in 2016 and entered the Netherlands in 2017 by acquiring 16 restaurants from Yum! Brands subsidiaries. A further eight Dutch KFC restaurants were acquired in 2023. Collins Foods has also experimented with other restaurant concepts. It acquired and operated Sizzler restaurants in Australia and licensed the brand in parts of Asia. The Sizzler business experienced financial distress in the 1990s, including a Chapter 11 restructuring in 1996, and later faced declining consumer interest in Australian casual dining. Collins Foods progressively reduced its investment, closed its remaining Australian restaurants in 2020 during the COVID-19 pandemic, and sold its Asian Sizzler business to Minor International in 2023. Earlier portfolio investments included a majority stake in the US-based Pat & Oscar’s restaurant chain, later bought out by its management, and the Australian gourmet sausage concept Snag Stand, which Collins Foods closed in 2017. The company acquired the Australian Taco Bell franchise rights in 2018 and developed a network of Australian locations. In 2025, Collins Foods announced its intention to exit Taco Bell and transfer the business or wind it down, reflecting a continuing emphasis on portfolio discipline and its core KFC operations. Leadership has included Graham Maxwell, who served as chief executive until 2020, Drew O’Malley, who became CEO in July 2020 and stepped down in 2024, Kevin Perkins as interim CEO, and Xavier Simonet, who became CEO in November 2024. Collins Foods’ present business is therefore defined by international KFC restaurant operations, site development, franchise execution and disciplined management of complementary restaurant brands.
History
Collins Foods traces its origins to James Collins’s acquisition of the Sizzler brand in 1967 and the formation of Collins Foods International in Culver City, California, in 1968. Following discussions with Colonel Sanders, the company developed a portfolio combining Sizzler and KFC restaurants. It eventually operated more than 240 restaurants across the United States and Australia. The company began withdrawing from US KFC operations in 1990, selling 209 restaurants to PepsiCo in a transaction completed in 1991. Its name changed to Sizzler International as management concentrated on Sizzler, and then to Worldwide Restaurant Concepts in 2001. Sizzler’s expansion created both opportunities and financial pressure. The company expanded in the Pacific region while domestic sales weakened, and in 1996 it sought Chapter 11 bankruptcy protection after debts reached approximately US$100 million. Following restructuring and payments to creditors, the business continued operating. Pacific Equity Partners acquired Worldwide Restaurant Concepts in 2005 for approximately US$208 million in cash. PEP held 52% and management held 48%. The acquisition relocated the headquarters from California to Brisbane and resulted in the Collins Foods name being restored. PEP exited through a 2011 initial public offering, transforming Collins Foods into an ASX-listed Australian company. After the listing, management increasingly prioritized KFC. The company expanded its Australian estate through acquisitions, including 44 restaurants from Competitive Foods Australia in 2013, 13 restaurants in New South Wales and Victoria in 2016, and 28 restaurants acquired from Yum! Brands in 2017. Internationally, Collins Foods bought 11 German KFC restaurants in 2016 and 16 Dutch restaurants in 2017, later acquiring another eight in the Netherlands in 2023. By October 2024, its KFC estate comprised 285 Australian restaurants, 16 German restaurants and 58 Dutch restaurants. The non-KFC portfolio went through several changes. Collins Foods held a majority interest in Pat & Oscar’s in the United States until its management bought out the company in 2009. It acquired a stake in Australian gourmet sausage chain Snag Stand in 2013, bought the remaining interest in 2016 and closed the stores in 2017. It also acquired Australian Taco Bell franchise rights in 2018 and developed a local network. Sizzler declined as a strategic priority in Australia. Collins Foods recorded weaker performance in the casual-dining market, wrote down the value of the business in 2015 and reduced its Australian restaurant base. A 2006 contamination incident involving rat poison at two Brisbane restaurants led to a temporary suspension of salad-bar service across the Australian network; the incidents were described by the company as sabotage, and a perpetrator was later identified. The remaining Australian Sizzler restaurants closed in November 2020, while the company also closed its final Chinese restaurants during the pandemic. Collins Foods subsequently sold its Asian Sizzler business to Minor International in 2023. Leadership changed during this period. Graham Maxwell retired as CEO in 2020 and was succeeded by Drew O'Malley. O'Malley stepped down in July 2024 after a period of interim leave, Kevin Perkins served as interim CEO, and Xavier Simonet took the permanent CEO role in November 2024. The company’s contemporary strategy centers on KFC restaurant operations, development and acquisitions in Australia and selected European markets.
- 2023
Sizzler Asia divestment
[1]Collins Foods agreed to sell its Asian Sizzler business to Minor International.
- 2020
Australian Sizzler closure
[1]The company closed its remaining Australian Sizzler restaurants during the COVID-19 pandemic.
- 2017
European KFC expansion
[1]Collins Foods expanded its KFC operations into the Netherlands after its earlier German entry.
- 2011
Initial public offering
[1]Pacific Equity Partners offered its Collins Foods stake through an IPO, ending its ownership.
- 2005
Pacific Equity Partners acquisition
[1]Pacific Equity Partners acquired Worldwide Restaurant Concepts and moved its headquarters to Brisbane.
- 1996
Chapter 11 restructuring
[1]Sizzler International filed for Chapter 11 protection after financial pressure associated with its expansion and debt burden.
- 1991
US KFC divestment completed
[1]The company completed the sale of 209 US KFC restaurants to PepsiCo.
- 1968
Collins Foods International founded
[1]James Collins founded Collins Foods International in Culver City, California.
- 1967
Acquisition of the Sizzler brand
[1]James Collins acquired the Sizzler brand, establishing the foundation for the later restaurant group.
Products and positioning
A multi-market restaurant operator focused on scaling and managing franchised quick-service restaurant networks, especially KFC, through acquisitions, new-store development and operational execution.
Quick-service chicken restaurants
KFC
KFC is Collins Foods’ core operating brand. The company operates restaurants under franchise and development arrangements in Australia, Germany and the Netherlands. The network sells fried chicken, chicken burgers, wraps, sides, desserts and beverages through dine-in, takeaway, drive-through and delivery channels. Collins Foods has expanded the estate through both acquisitions and new-store development, making KFC the central platform of its international restaurant strategy.
Mexican-style quick-service restaurants · 2018
Taco Bell
Collins Foods acquired Australian Taco Bell franchise rights in 2018 and developed a network of Australian locations offering tacos, burritos, quesadillas and related quick-service menu items. In 2025, the company announced an intention to exit the business through a transfer of the license or an orderly wind-down.
Casual dining restaurants · 1967
Sizzler
Sizzler was the historical foundation of Collins Foods and included steak, seafood, salad-bar and family-dining formats. Collins Foods operated the brand in the United States, Australia and parts of Asia at different times. The Australian restaurants were gradually reduced and all remaining company-owned Australian locations closed in 2020. The Asian business was sold to Minor International in 2023.
Gourmet sausage restaurants · 2011
Snag Stand
Snag Stand was an Australian gourmet sausage concept founded in 2011. Collins Foods acquired a 50% interest in 2013 and the remaining interest in 2016, making it wholly owned. The company operated six locations across Queensland, New South Wales and the Australian Capital Territory before closing the business in 2017.
Casual dining restaurants · 2000
Pat & Oscar's
Pat & Oscar’s was the renamed US restaurant chain formerly associated with Oscar’s. Sizzler International acquired an 82% stake in 2000, but the chain was later sold back to its management team in 2009.
Controversies
2006
Rat poison incidents at Brisbane Sizzler restaurants
Rat poison was found at two Brisbane Sizzler restaurants, prompting Collins Foods to temporarily suspend salad-bar service across its Australian Sizzler network. The company characterized the incidents as sabotage, and a woman was later identified as responsible.
Brand decisions
2023
Sale of Sizzler AsiaM&ABackground
Collins Foods had already exited company-operated Sizzler restaurants in Australia and sought to simplify its portfolio.
Action taken
The company agreed to sell its Asian Sizzler business to Minor International.
Aftermath
The transaction ended Collins Foods’ relationship with the Sizzler brand.
Sale value. S$21 million (2023)
2020
Closure of Australian Sizzler restaurantsStrategyBackground
The COVID-19 pandemic severely affected the company’s casual-dining operations.
Action taken
Collins Foods announced the closure of all nine remaining Australian Sizzler restaurants.
Aftermath
Sizzler ceased to be a company-operated Australian brand, while licensing activities continued in parts of Asia until the later divestment.
2018
Entry into Australian Taco Bell operationsProduct launchBackground
Collins Foods sought to diversify beyond KFC with another internationally recognized quick-service brand.
Action taken
It purchased the Australian franchise rights to Taco Bell.
Aftermath
Collins Foods operated and developed Taco Bell restaurants in Australia before announcing plans to exit the business in 2025.
2017
Acquisition of KFC restaurants from Yum! BrandsM&ABackground
Collins Foods continued to consolidate KFC operations in Australia and Europe.
Action taken
The company acquired 28 Australian KFC restaurants from Yum! Brands.
Aftermath
The transaction expanded the Australian network across Tasmania, South Australia and Western Australia.
Purchase price. A$110.2 million (2017)
2015
Reduction of strategic investment in Sizzler AustraliaStrategyBackground
Collins Foods reported weak momentum in Australian casual dining and concluded that Sizzler was no longer a strategic growth prospect.
Action taken
The company wrote down the value of Sizzler and indicated that it would not invest further capital in Australian expansion.
Aftermath
The Australian Sizzler estate was gradually reduced before its remaining restaurants closed in 2020.
Impairment. A$37.5 million write-down (2015)
2013
Acquisition of 44 Australian KFC restaurantsM&ABackground
Collins Foods sought to expand its Australian KFC footprint.
Action taken
It acquired 44 restaurants from Competitive Foods Australia.
Aftermath
The purchase strengthened Collins Foods’ position as a major Australian KFC operator.
Purchase price. A$55.6 million (2013)
2005
Pacific Equity Partners acquisitionM&ABackground
Worldwide Restaurant Concepts was acquired by Australian private equity firm Pacific Equity Partners.
Action taken
PEP acquired the company, moved its headquarters to Brisbane and restored the Collins Foods name.
Aftermath
The business became an Australian-controlled restaurant group and later returned to public markets through a 2011 IPO.
Acquisition value. Approximately US$208 million in cash (2005)
1990
Sale of US KFC restaurantsM&ABackground
Collins Foods International was refocusing its portfolio as its US KFC operations became less central to the company’s strategy.
Action taken
The company sold 209 US-based KFC restaurants to PepsiCo, with completion in 1991.
Aftermath
The transaction accelerated the company’s shift toward Sizzler and contributed to subsequent renaming as Sizzler International.
Transaction value. US$123 million (1990-1991)
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