US doughnut company Krispy Kreme Doughnuts has announced its second franchise agreement outside of North America, awarding development rights for the United Kingdom.

Krispy Kreme is to partner with Chesire and Kent and Donald Henshall to form Krispy Kreme UK, which plans to develop 25 stores over the next 5 years throughout the United Kingdom. Krispy Kreme Doughnuts will retain a 34% equity interest in the new partnership.

Henshall, who most recently served as Krispy Kreme’s president of international development and resides in London, will serve as managing director of Krispy Kreme UK. He will be responsible for building and rolling out Krispy Kreme stores and managing day-to-day operations. Prior to joining Krispy Kreme, Henshall served as managing director of new business and development with Overland Group, a maker of branded footwear and apparel, in London.

Scott Livengood, Krispy Kreme chairman, president and CEO said that the company had identified a number of primary target markets as well as the UK including Australia and New Zealand, Japan, South Korea, Spain and Mexico.

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By GlobalData