24 Jun 2009

Restaurant Brands to sell Pizza Hutt stores

11:46 am on 24 June 2009

Fast-food franchise operator Restaurant Brands will start selling its Pizza Hutt stores under a new agreement with Yum! Restaurants International.

Despite increased revenue for the Pizza Hutt brand over the last quarter, the deal could see up to 10 stores sold a year, with three expected to soon close.

The deal grants the operators franchise agreements with Yum! for at least 10 years, allowing it to progressively sell the stores to individual owners.

Restaurant Brands will continue to run marketing and operations for New Zealand Pizza Hut stores.

Chief executive Russell Creedy also expects more Pizza Hutt stores to open around New Zealand as the new model is implemented.

Meanwhile, Restaurant Brands' more successful operation KFC hopes to open at least two more stores in New Zealand this year.