PZZA - Papa John's acquires restaurants operated by Drake Food Service in UK

2023-06-05 05:15:17 ET

• Papa John's International ( NASDAQ: PZZA ) said Monday it acquired restaurants operated by the M25 division of Drake Food Service International in the U.K. to establish a portfolio of company-owned restaurants in the market.
• Financial terms were not disclosed.
• The new restaurant portfolio consists of 91 locations across London and other parts of the U.K.
• Minimal, if any, disruption to customers is expected during the transition time.
• "The U.K. is important with the largest number of stores outside of North America, strong brand awareness with consumers and potential for long-term growth," said Amanda Clark, chief international and development officer, Papa John's ( PZZA ).
• Drake Food Service will continue to hold its master franchise rights for Papa John's restaurants in Spain, Portugal, Chile and central America.
• Earlier, Papa John's ( PZZA ) rallied after a slight profit beat in Q1 and its guidance was reiterated.

For further details see: