Pizza Hut Australia is SOLD – as the franchise struggles to compete with Dominos
Fast food giant Pizza Hut has been sold to one of the largest franchisees in the world.
The US-based Flynn Group revealed on Thursday that it had purchased the Pizza Hut Australia license from Sydney-based Allegro Funds.
Pizza Hut Australia operates nearly 260 stores across Australia and employs approximately 4,000 people.
Chief executive Phil Reed said the sale was a confirmation of the pizza brand’s success in Australia more than 50 years after the first store opened.
“Flynn is the premier franchise group in the industry, with a reputation for excellence and empowering their franchise owners,” he said.
“We are excited to support our growth trajectory, supported by Flynn’s investment support and unparalleled franchise expertise.
“That way we can continue to deliver world-class Pizza Hut experiences to our customers Down Under.”
Flynn is one of the largest operators of Pizza Hut restaurants, and the sale represents the company’s first overseas venture.
The portfolio includes more than 2,350 stores, including 926 Pizza Huts, 441 Applebee’s, 379 Arby’s, 282 Taco Bells and 192 Wendy’s stores.
MORE TO COME.
More to come.