Domino’s acquires £62m slice of Irish franchise business
The UK master franchise of Domino’s Pizza is now the sole owner of the largest Domino’s franchisee in Ireland, after acquiring the remaining shares in the company it did not already own.
Domino’s Pizza Group (DPG) has spent £62m to acquire the remaining 85% of Shorecal Limited, which operates 34 of the 99 Domino’s stores in Northern Ireland and the Republic of Ireland.
In its full year results for 2023 announced in March, DPG revealed that it had entered an agreement to acquire the remaining shareholding in Shorecal. Following approval from the Republic of Ireland’s Competition and Consumer Protection Commission, the deal has now been completed.
DPG will pay 61% of the consideration in cash, with the remaining 39% to be satisfied through an issuance of shares in the company.
In March, Andrew Rennie, DPG CEO, said: “Since March 2021, we have taken a disciplined approach to capital allocation by following a clear framework. We have prioritised investment in the core business to drive growth and I’m excited that today we’re acquiring full control of Shorecal to accelerate our Irish growth. We see a significant opportunity to meaningfully increase our Irish store count and deliver long-term, sustainable returns.”