The operator of Pizza Hut UK’s restaurants has completed an administration process less than a year after a rescue deal, TheBusinessDesk.com can exclusively reveal.
In a statement Pizza Hut UK confirmed it had acquired the Pizza Hut dine-in operations through a pre-packaged administration, after FTI was announced today as administrators of DC London Pie Limited, a franchisee of Pizza Hut dine-in restaurants.
“We are pleased to secure the continuation of 64 sites to safeguard our guest experience and protect the associated jobs. Approximately 2,259 team members will transfer to the new Yum! equity business under UK TUPE legislation, including above-restaurant leaders and support teams.”
Nicolas Burquier, Managing Director Pizza Hut Europe and Canada, said: “This targeted acquisition aims to safeguard our guest experience and protect jobs where possible. Our immediate priority is operational continuity at the acquired locations and supporting colleagues through the transition.”
DC London Pie Ltd, the company formed to run Pizza Hut UK after a pre-pack deal, appointed FTI as administrators.
A further 75 dine-in restaurants weren’t part of the last-minute rescue deal which has put 741 jobs at risk.
The move comes six weeks after HMRC had filed a winding-up petition against the business.
The applicant behind today’s filing is Yum! III (UK) Limited, a subsidiary of American food outlet operator Yum! Brands, Inc of Louisville, Kentucky, which holds a charge over the business.
Directional Capital, which operated franchises in Sweden and Denmark, bought the 139 restaurants in a pre-pack deal last year which saved 3,000 jobs. Operations being run by DC Pie in Sweden and Denmark are unaffected
Pizza Hut UK’s previous owner Heart with Smart Limited went bust owing almost £40m to investor Pricoa Capital, which had backed a management buyout.
This is a breaking news story and will be updated.
