Seven Pizza Hut franchised restaurants sold in pre-pack deals
Seven Pizza Hut franchise restaurants across Sussex and the Midlands have been sold in pre-pack deals by administrators.
Springfields Advisory was appointed administrator of three Pizza Hut franchising companies on 7 September, before immediately offloading the seven delivery only sites to unrelated parties.
The restaurants include three in Leicester, two in Crawley and one each in Loughborough and Tamworth. It is understood that their new owners intend to re-open the sites.
The franchise businesses had faced financial difficulties before exploring their options and opting to accelerate the sales processes in conjunction with Pizza Hut and other stakeholders.
Pizza Hut said it will look to support affected employees and if possible employ them at other sites ran by Pizza Hut or any of owner group Yum!’s branded sites.
Nicolas Burquier, managing director of Pizza Hut UK & Europe, said: “We are grateful to Springfields Advisory for enabling the sale of these franchise stores.
“Responding to an ever-shifting consumer landscape, our business and operating models are evolving. We remain confident and committed in our vision to be the number one choice in pizza; for consumers to order our pizza, employees to choose to be a part of our business and to be the partner of choice for franchisees.”
Situl Raithatha of Springfields Advisory added: “The sale of the stores has in the circumstances delivered the best outcome for the various stakeholders. The businesses had been affected by market conditions, level of finance costs and other factors which led to significant financial difficulties.
“We are pleased to have completed the sales, which have helped to secure the future of the sites.”
The sales do not affect other Pizza Hut franchised restaurants, although some doubts have recently been cast over the future of the brand’s largest UK dine-in franchiser.