Whitbread has announced it has completed the sale of Pizza Hut UK to US brand owner Yum! Brands in a deal worth £112m. After adjustments for debt and other liabilities, Whitbread will receive £99m in cash from the sale. The Pizza Hut UK business, which comprises more than 650 outlets in the UK, was operated as a joint 50-50 venture between Whitbread and Yum!. It was established in 1982 between Whitbread and PepsiCo. Pepsico’s 50% shareholding was transferred to Yum as part of the demerger of PepsiCo’s KFC, Pizza Hut and Taco Bell interests in 1997. Alan Parker, chief executive of Whitbread, said: “Our exit from this joint venture is further evidence of the continuing progress we are making towards becoming a leaner and more focused group, concentrating our management and capital on those owned business in which we have leading positions and strong growth prospects.” The sale is the latest in a series of disposals, including the Marriott hotel business, its stake in Britvic and Maredo, the German brasserie chain. Most recently the company sold 239 pub-restaurants to Mitchells & Butlers in a deal worth £497m.