Pizza Hut UK management completes buy-out

by XPRESS, 23 April 2018

Rutland Partners, which bought the UK franchise from US owners Yum! Brands in 2012 for £60m, has sold the business to its boss Jens Hofma, with the private equity group exiting the casual dining sector altogether.

Hofma has funded the deal with the help of Pricoa Capital Group and pledged to keep growing the company despite tough conditions across the sector.

A perfect storm of cost pressures from rising business rates and wages has combined with an oversupply of restaurants and more cautious consumer spending.

Hofma, who has run the business since Rutland’s involvement, will aim to grow the 260-strong estate.

The first UK restaurant was launched in 1973.

Hofma said with the restaurant refurbishment programme now almost complete, the new ownership structure would look to open new sites if it found the right locations.

He said: “As we take control of the next stage, our mission remains unchanged – to be the most loved place to eat and work.”

The latest available accounts for the company show revenue rose to £232m in the year to 4 December 2016, up from £225m the year before.

A rise in operating costs and a one-off charge to pay consultants meant pre-tax profits dropped a third to £5.2m.

Article Credit: Propel info