UK's Domino's finds buyers for Norway business

This post was originally published on this site

(Reuters) – Britain’s biggest pizza delivery company Domino’s Pizza Group (L:) said on Thursday it would sell its Norwegian business to existing minority shareholders of the business, kicking off the sale of its loss-making overseas operations.

The company said it will sell its entire 71% shareholding in the Norway business in return for the buyers’ entire stake in its Swedish operations and a nominal amount of 1 Norwegian crown ($0.1081).

The transfer of shares will give Domino’s Pizza Group full ownership of its Swedish operations, enabling it to sell its business there.

“Now we have agreed the transaction for Norway, we will focus on progressing transactions for our businesses in Sweden, Switzerland and Iceland,” Chief Executive Officer David Wild said.

The company, a franchise of U.S.-based Domino’s Pizza Inc (N:), has been trying to offload its international markets as it struggled to control costs, especially in Norway, where it was converting the local pizza operator Dolly Dimple’s stores it bought in 2017.

The company will pay up to 7 million pounds ($9.08 million)for the Norway business’ operating expenses in addition to funding its losses until the completion of the sale.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment