Olympics take a slice out of Pizza Hut
Pizza Hut UK suffered widening losses last year and has warned that the Olympics had dampened otherwise improved trading this year, as families watched TV rather than visit restaurants.
Pizza Hut's owner Yum Brands earlier this year asked accountant PricewaterhouseCoopers to sell the British business to a "master franchiser" – Yum would still receive royalties – after a poor 2011. There are still a handful of potential private equity buyers, thought to include Endless, Rutland Partners and Risk Capital.
Jens Hofma, the Pizza Hut UK managing director, insisted that changes made in May 2011, such as offering a free unlimited salad with every meal, had helped the chain turn around its fortunes.
Mr Hofma said: "2011 was a year of two halves. The second half was much stronger and we saw quite a dramatic improvement in our performance."
Pizza Hut UK, which has 690 outlets, saw its losses increase by 15 per cent to £24.2m for the year to 4 December – its fifth consecutive year of losses. Its turnover slipped by 4 per cent to £330.96m.
- 1 James Foley 'beheaded': Isis video shows militant with British accent 'execute US journalist' – and warns Obama of more to come
- 2 ALS ice bucket challenge co-founder Corey Griffin drowns aged 27
- 3 Cilla Black defends Cliff Richard: 'I am positive that the allegations are without foundation'
- 4 Nicki Minaj finally releases predictable 'Anaconda' video
- 5 James Foley 'beheading': Met police warn public watching murder video could be criminal offence
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again. It would be immoral to bring it into the world'
Scottish Independence Referendum: Salmond described as 'arrogant, ambitious and dishonest' by Scottish women
iJobs Money & Business
£45000 per annum: Harrington Starr: Quantitative Analyst (Financial Services, ...
Negotiable: Harrington Starr: Application Support Engineer (C++, .NET, VB, Per...
£450 - £600 per day: Harrington Starr: AIFMD Business Analyst / Consultant - I...
£450 - £600 per day: Harrington Starr: Business Analyst Solvency II SME (Pilla...