Papa Johns pizza to shut nearly a tenth of UK sites
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The popular pizza franchise Papa Johns has recently announced that it will shut down almost 10% of its UK branches. These particular locations are labeled as "underperforming" by the company.
The shutdowns come after a study of the company found locations that were not making enough money.
The restaurant group, which operates a total of 450 locations including some at gas stations and leisure resorts, will be shutting down 43 establishments. However, they have not yet disclosed the number of employees that will be impacted by these closures.
Revolution Bars has announced that it is considering the possibility of selling off either some or the entirety of its group.
After some reports emerged claiming that Revolution might close down roughly 20 bars, which equates to around a quarter of its total outlets, the company made an official announcement.
The UK managing director Chris Phylactou has declared the closure of Papa Johns sites. He revealed that the team members are their main concern and they will receive complete support throughout this procedure.
Our objective is to collaborate with team members who have been affected and try to discover new employment opportunities wherever possible.
The areas that have shut down are found solely in England, stretching from Harrogate in North Yorkshire to St Helens in Merseyside, as well as Billericay in Essex and Eastbourne in East Sussex.
The company stated that all of these locations were not profiting and performing below expectations, which is why they are no longer feasible from a financial standpoint.
The PwC consulting firm has reported that the takeaway industry is on the rise, despite some other areas in hospitality experiencing significant difficulties in recent times.
According to reports, 151 new chain takeaway shops were opened last year.
According to Kien Tan, a senior retail consultant at PwC, while more players are jumping into the game, being part of this industry is still advantageous.
There is a growing need for takeaway food and establishments for such services. It is more economical to opt for takeaway compared to dining or socializing outside.
Papa Johns had informed earlier regarding its intention to carry out "strategic closures," with the goal of gathering funds for investment and improving profitability of its existing sites across the United Kingdom.
The chain has intentions to grow its operations in unconventional locations such as vacation parks. Additionally, it has disclosed that it will reveal information about additional prominent retail collaborators within the upcoming months.
Papa Johns, a pizza company from USA, stated that UK is their second largest market. They have promised to boost their business in UK and enhance their performance in the long run.
Revolution Bars, the parent company of Revolucion de Cuba, has announced that they are currently facing "external challenges" which has affected their sales. As a result, they are diligently considering all possible strategic solutions to enhance their future business prospects.
The group stated that they may consider making changes such as reorganizing some aspects of the team or selling either the entire team or certain parts of it.
Revolution has communicated its intentions to engage with "key shareholders" and other prospective investors regarding potential additional funding.
The company's trading report in January revealed that the Revolution brand was not doing well. This was because younger people were more affected by the high cost of living.
In the beginning of this month, statistics revealed an increase in the number of new stores launched in the previous year. The majority of these outlets were coffee drive-throughs, bubble tea shops, and fast food restaurants. Interestingly, these establishments were mainly situated in areas outside of city centres.
However, as per the report from PwC that examined the compiled data of the Local Data Company, the newly opened stores were not sufficient to compensate for the closure of stores belonging to chains, for example Wilko. As a result, there was an overall decrease of 5,000 stores throughout the United Kingdom.
Up until now in 2021, both the Body Shop and Pryzm, a nightclub chain, have encountered challenges and informed the public of store closures.
