Pizza Hut Restaurants, the Rutland Partners-backed chain, which is currently assessing its options, has signed on its first new site after a five-year hiatus.
The 272-strong group has secured a new 4,000sq ft restaurant after signing on a 20- year lease at Land Securities’ White Rose development in Leeds, which is set to open in the second half of next year. It is set to invest £1m on the new site which will feature a cocktail bar.
Rutland appointed PwC to oversee a sale of the business, which is hoping to open four or five sites annually going forward. It is thought that the business is valued at c£150m.
The restaurant will be located in the new leisure extension of the White Rose development in Leeds, alongside a new, 11-screen Cineworld.
Development director Mike Spencer said: “We are delighted to announce the signing of a new restaurant at the White Rose development. Since 2012 our focus has been on delivering the refurbishment programme for our existing portfolio and this marks a significant step in our growth strategy.
“We are now half way through refurbishing our entire estate, which has seen us create a new look and feel for every Hut. Already our strategy is paying off; the refurbished estate is playing a significant role in the success of our business, with Huts achieving up to 40% increase in sales growth and our recent results are testament to that.”
Over the past three years Pizza Hut Restaurants has undergone a significant refurbishment strategy, funded through a broader £60m investment which began in 2012 when Rutland Partners acquired the business.
Half the portfolio is now complete. In December, the company announced like for like growth of 6.2% for the period from 1 December 2014 to 29 November 2015, having achieved nine quarters of consecutive growth.
Central Retail acted for Pizza Hut Restaurants; JLL is the letting agent on White Rose.
