Endless eyes up Pizza Hut
30 July, 2012
A turnaround specialist is in exclusive talks to take control of Pizza Hut in the UK, the Sunday Times reports.
As Peach Report exclusively revealed last year, Pizza Hut was put on the block after parent Yum! Brands decided to concentrate its efforts elsewhere. The business has since said to have attracted interest from Luke Johnson’s Risk Capital Partners among others.
But Leeds-based Endless, which specializes in revamping tired or distressed brands, is now thought to be the sole remaining player for the business after Risk and another buyout group, Rutland Partners, dropped out.
The sale process is being handled by accountants PWC, which has looked at a pre-pack administration deal that would enable it to cast off loss-making restaurants. The Sunday Times says the deal with Endless now hinges on whether it can agree a deal with Yum! Brands on the level of royalties it should pay.
Endless has the money to spend, having raised £220m for investments last year. Its other interests include retail chain Bathstore and discount books chain The Works. It declined to comment on the Sunday Times’ story.
For the full story, see Struggling Pizza Hut on menu for company doctors (registration required).