Sun, 22 May 2011 | BUSINESS SALE
Perfect Pizza could be put on the block after receiving a private sector bid approach. The company has hired leisure industry merger and acquisition advisers Coffer Corporate Leisure to review strategic options which include an outright sale of the business, according to a report in the Sunday Times.
Perfect Pizza was set up in 1982 and now has 110 stores across the UK delivering 4 million pizzas each year. Most of its stores are run as franchise operations, and the annual revenue turnover of £20m quoted on its website includes these outlets. The annual revenue of Perfect Pizza Limited was £7.1m to the year ended 29 February 2010, down from £8m in 2009. Losses increased from £487k to £822k in the most recent filed accounts.
In March 2006, the business was acquired from Papa John’s by Octopus Asset Management in a £7m deal that backed the existing management headed by Tony Sherriff. At the time the future plans were to re-energise the business with the opening of new outlets and expand the turnover.
However, questions must have been raised by the company’s backers as to why so few new stores have been opened and why losses are increasing in a marketplace where competitors are generally faring well. A decision to sell the pizza business will come from the realisation that another owner, and perhaps management team, could achieve better results in the coming years.
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