McDonalds' Brighton: Serving up Success
Brighton-based businessman, Ismet Turen, owns the franchises for six McDonald’s restaurants in and around the City – including the outlet at Brighton Marina.
Ismet became a client of Plus Accounting on the recommendation of a friend. At the time, he owned four restaurants and has since expanded the business to include outlets in Burgess Hill and Newhaven.
“I appreciate the fact that Plus Accounting is a local company and always within reach,” says Ismet. “I have regular contact with Paul Feist and the team and it’s built into a very good and successful relationship.”
When Plus Accounting first began working with Ismet in 2006, he was operating the four Brighton restaurants as a sole trader, but when he was looking at the Newhaven operation, Paul Feist suggested that he operate it as a limited company. Ismet followed the advice and when he acquired Burgess Hill in 2011, this became part of the limited company set-up too. His existing restaurants are now being incorporated into the arrangement.
During this time, Plus Accounting has been working closely with Ismet and his solicitor to draw up the necessary legal documentation and advise on the relevant tax and accounting issues involved in making the change.
“Paul and I have been working very closely together through this process – we work as a team,” says Ismet. “He is always there for me and in addition to his financial expertise, his local knowledge is excellent, which means he can recommend other professionals when I need them. He also looks after my personal tax affairs, as well as other financial elements of my life, such as my mortgage and pension.”
McDonald’s franchisees are expected to submit detailed management accounts to head office within 12 days of the month end. Plus Accounting has a team which looks after the accounts for Ismet’s restaurants, and now, for two other McDonald’s franchisees as well. The team also prepares annual accounts, the audit and company tax returns.
The team’s now extensive knowledge of how a McDonald’s operation works means it can assist with the preparation of the annual budget forecasts and advise on a variety of other matters, such as the financing of new equipment and the funding of new restaurants.
As well as running the restaurants, Ismet is a board member of the McDonald’s charity, Ronald McDonald House in Brighton, which provides free accommodation to families of sick children while they are in hospital. Recently he invited Paul Feist to get involved and Paul is enjoying the challenge of raising the funds needed to maintain the Brighton house.
“McDonald’s is one of the world’s most well-known brands and since we started working with Ismet, we have come to appreciate and admire the professionalism, hard work and attention to detail that the McDonald’s business encompasses,” says Paul Feist. “As our knowledge of the operating systems and financial controls has been developed and refined over the years, we have become an integral part of Ismet’s operation and our McDonald’s finance team has thoroughly enjoyed being part of this amazing success story.”
Ismet adds: “Knowing that Paul and the team are there really takes the pressure off me, so I can concentrate on the day to day running of my business. My relationship with Paul gets better and better every year and I look forward to us growing both our businesses together.”