Pizza Hut News Update: Restaurants Set for £60m Refurbishment
Pizza Hut news update: following the acquisition of Pizza Hut by Rutland Partners, a third of the restaurants are reportedly undergoing a £60m refurbishment.
The US food giant Yum! Brands, who remain as brand owners as well as the company who control the Pizza Hut delivery outlets in the UK, last year sold their restaurant chain Pizza Hut to the Rutland Partners group; reportedly for a token £1. This has led to the restaurants undergoing a £60m makeover this year in order for the chain to return to their roots.
Pizza Hut are present across the UK and currently have 330 restaurants and employ more than 10000 staff. In an attempt to regain some of the popularity that they experienced through the 80s and 90s, the new owners, the Rutland Partners have detailed a £60million investment that will rejuvenate the restaurants. The first of these is set to be opened at the beginning of November in Crawley.
As opposed to this investment being an attempt to recreate the company, it is more a look for them to return to their roots. Pizza Hut led the revolution for casual dining that occurred through the final two decades of the Twentieth century but it has been admitted that they suffered a type of ‘identity crisis’ through the first decade of the new millennium as rival companies such as Pizza Express, TGI Fridays and Frankie & Benny’s established themselves on the same market.
Pizza Hut News Update
With the knowledge that the success of such elements of their service as the Salad Bar, Ice Cream Factory and lunchtime buffet was vast, the company are looking to return to these roots and bring the customers flooding back in. The expectation is that the company will return to profit rapidly and the next two-three years will bring that back up to where they would like to be again, but a lot lies on this £60m investment.
New owners the Rutland Partners agreed in the deal to inject £20m into the company and the further £40m will be acquired from the cash made from sales. While there may be concerns over the company’s financial standings – they made their first loss in 2006 and in 2011 the company were still £24m in the red – according to recent statistics, they remain the most popular company on a footfall basis.
All of these are promising signifiers that Pizza Hut will be returning to their previous level of success and if you have any enquiries regarding the company, please contact their customer services department using the Pizza Hut phone number.
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