Mon, 30 Jul 2012 | BUSINESS SALE
US food giant Yum Brands is in exclusive talks with turnaround firm Endless, after looking to sell underperforming Pizza Hut since late last year.
Endless is thought to be the last remaining bidder for the 340-strong restaurant chain after private equity firms Risk Capital Partners, managed by Luke Johnson, and Rutland Partners pulled out. They had formed a three-strong shortlist of bidders.
Yum Brands is to retain the rights to the Pizza Hut brand and the delivery service will not be part of the sale.
Revenues at Pizza Hut increased by three per cent in the last six months of 2011 after freshening up its food offering, dining experience and customer service, but the chain has also recorded a loss for the past four years.
Endless purchased Bathstore for £15 million in cash from builders’ merchant Wolseley only a few months ago. It also owns The Works, discount book chain, and school uniform maker Trutex. Endless had generated £220 million to invest into distressed retail and leisure businesses last year.
Yum’s sale of Pizza Hut to Endless is dependent on whether they can come to an agreement on royalty payments.
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