With Octopus’ backing, former Perfect Pizza managing director Tony Sherriff is buying the business back from US-based franchise operator Papa John’s, in an £8 million deal. This will afford him an initial estate of 114 franchise outlets, from which to grow.
‘The challenge now is to go out and find new franchisees,’ says Octopus’ Chris Allner. ‘If you look at all of the current forecasts they suggest there is still plenty of room for further growth in this sector and we’ve already identified a number of areas to focus on. In our view this is a lovely little business.’
All four of Octopus’ Eclipse VCTs played a role in the transaction.