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A beloved Australian fast-food chain has announced the sale of nearly 260 restaurants.
Tyler Morell helped police put a stop to a high-speed chase.
US-based Flynn Group revealed on Thursday it had purchased the Pizza Hut Australia licence from Sydney-based Allegro Funds.
Pizza Hut Australia operates nearly 260 stores through Australia and employs about 4000 people.
Chief executive Phil Reed said the sale was an endorsements of the pizza brand’s success in Australia, more than 50 years after the first store opened.
“Flynn is the premier franchise group in the industry, with reputation for excellence and empowering their franchise owners,” he said.
“We are excited to bolster our growth trajectory supported by Flynn’s investment backing and unmatched franchisee expertise.
“That way we can continue to deliver world-class Pizza Hut experiences for our customers Down Under.”
Flynn is one of the largest operators of Pizza Hut restaurants, with the sale representing the company’s first overseas venture.
Its portfolio spans more than 2350 stores, including 926 Pizza Huts, 441 Applebee’s, 379 Arby’s, 282 Taco Bells and 192 Wendy’s stores.
Pizza Hut operates nearly 260 stores through Australia. Picture: Naomi Jellicoe
Flynn co-chief operating officer Ron Bellamy said Pizza Hut Australia represented the ideal opportunity for Flynn to expand internationally.
“Simply put, the more we’ve learned about this business, the more excited we’ve become about it,” Mr Bellamy said.
“Phil and the management team have done a phenomenal job delivering 51 consecutive months of positive same-store sales growth while creating record revenues and value for its franchise partners.
“Our immediate focus will be to work with the team to determine how we can best leverage our broader scale and capabilities to support the continued success trajectory of Pizza Hut in Australia.
“Over time, Flynn looks forward to expanding its global reach further with new concepts and markets.”
Pizza Hut Australia’s existing management team led by Mr Reed will continue to run the business.
The acquisition received Foreign Investment Review Board approval and is subject to consent by Pizza Hut global brand owner Yum! Brands.
Flynn is one of the largest operators of Pizza Hut restaurants.
It is expected that the sale will be complete by the end of June 2023.
The news marks a major shift in the pizza franchise’s five-decade history in Australia.
The first Pizza Hut store in Australia opened in Belfield in 1970 but was demolished in 2018.
Allegro took control of Pizza Hut Australia in 2016 and conducted a lengthy restructure before offering the business for sale.
The sale also comes after main competitor Dominos Australia announced another shock move.
The pizza chain revealed on Tuesday that it was backflipping on a controversial 7 per cent fee for delivery orders.
In July last year, news.com.au reported the service fee added an extra $1.80 to an average $30 pizza delivery purchase.
At the time, Domino’s blamed passing the price increase onto customers on the “rising cost of fuel, food, and utilities”.
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