Investment group Rutland Partners will oversee a £60m refurbishment of more than 300 UK Pizza Hut restaurants that it has taken over the running of, the company has revealed.
Rutland has pledged to invest £20m of its own money in support of a broad £60m refurbishment and restructuring programme of the business after acquiring the share capital of Pizza Hut UK Ltd.
The company will operate 330 dine-in restaurants under a long-term franchise agreement from owners Yum!
Yum! will continue to act as franchisor for the dine-in business and receive royalties from Rutland, while also growing the Pizza Hut delivery business in the UK through franchise and equity new unit development.
The current management team of the Pizza Hut dine-in business, under the leadership of Jens Hofma, will remain with the business.
The team was assembled to implement a turnaround and has spent the last two years formulating and testing the strategy. Yum! believes the business is now at a stage where it will benefit from external capital and an experienced investor.
Nick Morrill, managing partner of Rutland, said: “The [Pizza Hut] business has had its fair share of challenges over the past few years but the management team has put a clear turnaround plan in place that has already led to much improved performance over the past 12 months.
"We have been very impressed by the energy and capability of the team at all levels of the business and we are excited by the prospect of working with the management to drive the turnaround to completion.”