Pizza Hut’s US owner is mulling a sale of the food chain weeks after rescuing a slew of UK restaurants.
Yum! Brands, which is also the parent firm of KFC and Taco Bell, said it was reviewing its options for the brand and taking “action” following a weaker performance.
Chief executive Chris Turner said in a statement: “The Pizza Hut team has been working hard to address business and category challenges; however, Pizza Hut’s performance indicates the need to take additional action to help the brand realise its full value, which may be better executed outside of Yum! Brands.
“To truly take advantage of the brand we’ve built and the opportunities ahead, we’ve made the decision to initiate a thorough review of strategic options.”
Yum! Brands bought the UK dine-in operations of Pizza Hut last month after its previous operator, DC London Pie, fell into administration.
The rescue deal saved 64 restaurants, but 68 are set to close following the insolvency.
The hospitality giant’s move to potentially now offload Pizza Hut comes amid a challenging period for the brand which has grappled with declining sales, particularly in the US.
Taco Bell and KFC drove sales growth for the company over the latest quarter, it revealed in accounts published on Tuesday.
Yum! Brands said there was no deadline or timeframe for carrying out its strategic review, and no guarantee it will result in any sale.
