UK - Hungry octopus buys pizza

Joseph Bergin, Octopus Asset Management said: ‘We are delighted to be able to back the former managing director of Perfect Pizza, Tony Sherriff, in this acquisition from Papa John’s. Sherriff, with his successful track record and experienced management team, will re-energise this business through a series of planned new shop openings and a series of measures which will increase turnover. We expect the home delivery pizza market to continue growing as a result of the long term trend away from home cooking, and the convenience of Pizzas as a delivered meal.’

Tony Sherriff said: ‘Starting with 114 stores, we can rebuild the business back to a brand that is recognised for offering its customers great value for money and first class service. Our intention is to ensure that our franchisees are fully involved in helping develop the future growth of the business by the formation of joint franchisee and management committees. We are confident that now that Perfect Pizza is a stand alone business, both existing and new franchisees will want to open new stores, and particularly in areas where Perfect Pizza previously successfully traded. It is great to be back again with Perfect Pizza, a brand I have a long and successful association with.’

Perfect Pizza was started in 1984 and grew to 220 stores by 1999 when it was bought by Papa John’s, a listed US business.

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• Buyouts
• UK / Ireland