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- Papa John's International Inc (NASDAQ:PZZA) has acquired the restaurants previously operated by the M25 division of Drake Food Service International (DFSI) in the U.K. Financial terms of the transaction were not disclosed.
- The transition of restaurants will establish a portfolio of company-owned restaurants in the market.
- Papa John's plans to make operating model enhancements to improve sales and restaurant-level profitability.
- "The U.K. is important within our international footprint with the largest number of stores outside of North America, strong brand awareness with consumers and potential for long-term growth as we still have tremendous whitespace in the market," said Amanda Clark, Chief International and Development Officer for Papa Johns.
- The new corporate-owned restaurant portfolio will consist of 91 locations across London and other parts of the U.K.
- As part of the transition, about 1,000 employees working for DFSI M25 will become team members of the company.
- DFSI will continue to hold its master franchise rights for Papa Johns in Spain, Portugal, Chile and Central America.
- Papa John's held $46.7 million in cash and equivalents as of March 26, 2023.
- Price Action: PZZA shares closed higher by 4.50% at $71.82 on Friday.
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