Papa John’s International Inc. has sold its Perfect Pizza brand in the United Kingdom to Manchester, England, firm Smartfirst Ltd. for about $13 million.
The transaction includes the sale of franchise rights and leases for 110 Perfect Pizza stores and a distribution facility.”Perfect Pizza provided us a good platform for launching and developing the Papa John’s brand in the U.K., but we now believe the two brands are best managed separately,” Bill Van Epps, chief operations officer, said in a news release. “This sale allows our franchisees and management team to focus exclusively on Papa John’s.”
Louisville-based Papa John’s (NASDAQ: PZZA – News) will continue to franchise and operate the Papa John’s brand in the United Kingdom. There currently are 89 Papa John’s restaurants in the U.K., including 86 franchised and three company-owned units.
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