The fast food chain plans to invest €1.17 billion and create 24,000 jobs in the United Kingdom and Ireland.

American fast food chain McDonald's announced on Wednesday its intention to invest £1 billion (€1.17 billion) and create more than 24,000 jobs in the United Kingdom and Ireland over the next four years.

The company, which is celebrating its 50th anniversary in the United Kingdom, said in a press release that it plans to open “more than 200 new restaurants over the next four years” in the two countries, while renovating more than 1,500 existing establishments.

McDonald's and its franchisees directly employ more than 170,000 people in the United Kingdom, and the company added that the announcement is part of plans to build an additional 10,000 restaurants worldwide by 2027.

Consumers who care about spending

At the group level, McDonald's second-quarter results at the end of July came in below expectations, with sales falling around the world, particularly in the Middle East and China. The group's managers said they were seeing “pressure” across the sector in the United States and key international markets as consumers pay more attention to their wallets.

“Opening new restaurants when sales are down may seem counterintuitive. But if (the company) can get people in the right place when they're on their lunch break, that should be a recipe for success. For growth,” said Danny Hewson, analyst at AJ Bell.