Tue, 13 Nov 2012 | BUSINESS SALE
Yum Brands is set to sell off the UK branches of its dine-in Pizza Hut business in a bid to further investment in emerging markets.
Yum operates Pizza Hut, KFC and Taco Bell in the US, but has been struggling with the UK side of Pizza Hut for some time and took the decision to sell to private equity firm Rutland Partners.
Rutland did not have to disclose terms but it is thought that the group paid a token £1 to acquire all 330 of the dine-in restaurants, along with a 20-year franchise to continue to use the Pizza Hut brand name.
Mark Fox, managing director at Yum, commented on the deal: “The new investment and expertise that Rutland will bring to the brand will help the team to further enhance the guest experience and complete the turnaround story.”
Jens Hofma is being retained as managing director for the Pizza Hut business. He confirmed that around 50 uneconomic sites will be reassessed and pushes for rent reductions made, along with some further closures.
“We will exit sites in lower footfall areas and move into sites with more promising sales. We're homing in on something that really works from both a customer and financial perspective,” he remarked.
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