The future of the Isle of Wight’s only Pizza Hut restaurant hangs in the balance as it is confirmed the company has entered administration, with just 64 restaurants set to continue trading nationwide.
It was in January this year that the much-loved chain was saved from collapse by DC London Pie, part of the US private equity firm Directional Capital. The purchase secured around 3,000 jobs across the country.
Earlier today (Monday), just 10 months on, FTI Consulting was appointed as administrators. Almost instantly the US firm Yum! made a move to secure 64 Pizza Hut restaurants.
However, it has been confirmed that around 70 other restaurants have been excluded from the rescue package and their future is now uncertain. Once upon a time there was more than 260 restaurants nationally.
It was 25 years ago, on 4th August 2000, that the Cineworld multiplex complex opened in Newport, bringing Pizza Hut to the Island for the very first time. But there is now a very real risk that the Isle of Wight could lose its only Pizza Hut.
A spokesperson has said:
“We are pleased to secure the continuation of 64 sites to safeguard our guest experience and protect the associated jobs.
“Approximately 2,259 team members will transfer to the new Yum! equity business under UK TUPE legislation, including above-restaurant leaders and support teams.”
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UPDATE TUESDAY – It has been confirmed that the Isle of Wight’s Pizza Hut is to remain open.
Read more at https://www.islandecho.co.uk/pizza-hut-doors-to-remain-open-on-the-isle-of-wight-as-restaurant-saved/.
Sadly another one bites the dust, who’s next!
The last Labour budget destroyed businesses and also
left many people with less money in their pockets to spend.
Roll on Novembers budget, it will be like Halloween all
over again!
No wonder they don’t want local elections.
It’s a funny old game as Saint and Greavsie used to say!!
Again, way too simplistic. Nothing to do with Labour, or any government for that matter. Pizza Hut are a worldwide franchise (that’s further than the IOW) with buyouts galore from the 1970s. Pepsi was one of them. All profits for the parent companies (NOT the franchisees) go into deep pockets, untouchable. The latest buyout/rescue package will operate in exactly the same way…shareholders will ‘loan’ money for day to day business operations, attempt to compete in an oversubscribed market (Domino’s etc) and then sell when there’s no more profit to be squeezed from the model. New buyers ‘reinvent’ to increase sales and competition.
Aside from all that though, I’m astounded the potential closure for a pizza parlour you’ve probably never had the misfortune to eat in triggered your head from food to politics, to budgets to a pagan quasi-festival and then to football in one comment. I’m just surprised you forgot to include 50p toilets.
Not to mention CCTV, schools, young people and the Isle of Wight in general!
it looks more like yet another business shafted by being owned by a private equity company…
(the private equity model, preferred & supported by both the conservatives & reform, where any profits that a business makes, and even money that it doesn’t make, are siphoned off to fill the fat-cat pockets of the shareholders of the private equity company)
it’s hardly surprising they didn’t survive
During the 14 years of Tory rule there were no business failures and taxes never increased!.
I bet you have Velcro on your shoes? ♂️
I bet you have Velcro on your shoes?
They are closing because no one likes them anymore. Durr
surprised it’s still going..
I’m surprised your still going
Everyone is sad to lose Pizza Hut when it’s on the brink of leaving, but icy about McDonald’s opening a new restaurant in Cowes.
I’m a grumpy old git but I do like a pizza. Pizza hut was great as I could watch all the speeding motorists.
Speeding is rife on the island and you know it!
Sped cameras are desperately needed on the island
Speeding motorists are everywhere it doesn’t help when people can’t use roundabouts or there indicators , let alone have the capacity to remember the Highway Code