Pizza Hut Goes Into Administration According To Reports

TheBusinessDesk.com has reported that Pizza Hut has gone into administration less than a year after a rescue plan.

FTI has been appointed as administrators by DC London Pie Ltd, the business established to manage Pizza Hut UK following a pre-pack agreement. Six weeks after HMRC filed a winding-up petition against the company, the action was taken.

Yum! III (UK) Limited, the applicant for today’s filing, is a division of Yum! Brands, Inc., an American food outlet operator based in Louisville, Kentucky, which is in control of the company.

Last year, 3,000 jobs were spared when Directional Capital, which controlled franchises in Sweden and Denmark, purchased the 139 restaurants in a pre-pack deal.

Investor Pricoa Capital, which had supported a management buyout, was owed over £40 million when Pizza Hut UK’s former owner, Heart with Smart Limited, went bust.

Pizza Hut is to close 68 restaurants and 11 delivery sites with the loss of 1,210 jobs after falling into administration.

However, Pizza Hut’s global owner Yum! Brands has agreed to save 64 restaurants in the UK, preserving 1,276 jobs.

​