Pizza Hut UK has reported a narrowing of operating losses in 2012.
Operating losses for the 330-strong firm, which last week announced a £60m investment estate programme, were £4.7m last year, against £12.4m in 2011, according to The Telegraph.
It reported a pre-tax profit of £1.3m in 2012, against a pre-tax loss of £24.2m in the previous year. The newspaper cited a spokesman for the company saying that the figure was flattered by several one-off transactions including the sale of its delivery business to Yum!.
Pizza Hut UK also off-loaded the defined benefit pension scheme as part of last year’s takeover deal with Rutland Partners, The Telegraph said.
Jens Hofma, chief executive of Pizza Hut UK, is quoted in the newspaper saying that the improved trading has continued into 2013 “as we continue to implement our strategy for growth”.
The £60m estate investment programme will see 80 outlets overhauled with a new design and updated menu by the end of 2014. The whole estate is due to be converted over the next two to three years.
Hofma told M&C Report last week that he hoped to exit between 20 and 30 sites over the next one to two years, while the company is also looking for acquisitions.
