Pizza Hut's 330 UK restaurants are set for a £60m refurbishment after a deal which saw Yum! Brands sell the sites to restructuring investor Rutland Partners.
Rutland will operate the restaurants under a franchise agreement from Yum! Brands. It will invest £20m in support of a broad £60m refurbishment and restructuring programme of the business.
Yum! will continue to act as franchisor for the restaurant business whilst also growing the Pizza Hut delivery business in the UK.
Nick Morrill, managing partner of Rutland said: "We are excited about the iconic appeal of the Pizza Hut brand and its status as the leading casual dining brand in the UK. The 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."
Law firm Taylor Wessing advised Rutland Partners while Linklaters acted for Yum! brands.