Perfect Pizza sale agreed

Papa John's UK has agreed the sale of the Perfect Pizza brand to Smartfirst Ltd, a newly formed company led by former Managing Director Tony Sherriff, backed by Octopus Asset Management and The Royal Bank of Scotland plc.

As well as Tony Sherriff, a number of people who have been very closely involved in operations, distribution and marketing in both Perfect Pizza and Papa John's will be moving across to Smartfirst, guaranteeing a successful hand over and minimum disruption for Perfect Pizza franchisees and customers.

The Papa John's/Perfect Pizza distribution centre at Gailey Park in Staffordshire is being sold as part of the deal.

Smartfirst Managing Director Tony Sherriff believes this is a very exciting opportunity for both the company and the Perfect Pizza franchisees: '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 our franchisees are fully involved in helping to develop the future growth of our business by the formation of joint franchisee and management committees.

We are confident that now Perfect Pizza is a stand-alone business, both existing and new franchisees will want to open new stores, particularly in areas where Perfect Pizza previously traded successfully.

'The future is exciting for us all, and I look forward to working once again with all our franchisees to make Perfect Pizza a profitable business. It is great to be back again with Perfect Pizza, a brand I have a long and successful association with.'