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dozens of pizza Hut restaurant Businesses in Britain could close and hundreds of jobs could be at risk after dine-in parties collapse Administration,
Pizza Hut’s UK restaurant business has said it will close 68 locations after going into administration.
As part of a pre-packaged administration, Pizza Hut UK announced the acquisition of Pizza Hut dine-in operations. FTI was announced as the administrator of Pizza Hut franchisee DC London Pies Ltd.
A statement said: “We are pleased to ensure the continuity of the 64 sites to protect our guest experience and protect associated jobs. Approximately 1,277 team members will transfer to the new Yum! Equity business under UK TUPE law, including the above restaurant leaders and support teams.
Nicolas Berkier, Managing Director of International Operating Markets, said: “This targeted acquisition aims to safeguard our guest experience and protect jobs where possible. Our immediate priority is operational continuity at the acquired locations and supporting associates during the transition.”
According to The Business Desk, more than 740 jobs are at risk because another 75 dine-in restaurants were not part of the last-minute rescue deal. The applicant behind today’s filing, Yum! III (UK) Ltd., a subsidiary of American food outlet operator Yum! Brands, Inc. of Louisville, Kentucky, which has charge of the business.
Administration is a legal process where the directors appoint an administrator to take control of the company and everything it owns in an attempt to save the company. They have the power to issue redundancies, but if it is not possible to save the business, they will try to return the money to creditors.
More to follow…