Pizza Hut, the leading family restaurant group in the UK with over 700 stores, has identified a number of restaurants for disposal. Many of these stores have been in their locations for more than 20 years during which time Pizza Hut's preference has been to move restaurants out of town, often to leisure and retail park destinations.
Fleurets is instructed to dispose of the restaurants, many of which are approaching the end of their leases, as Pizza Hut seeks to realise value from these restaurants which generally occupy prime retail locations. The units, all leasehold, are available singularly or in packages, with some at NIL PREMIUM. The restaurants identified for disposal are not to be operated under the Pizza Hut brand and are likely to appeal to established restaurateurs and newcomers to the industry. Some outlets may suit alternative uses such as retail, professional services and betting shops.
Available electronically on request are: copy leases, licensing plans and where appropriate Goad Maps.
Generally the premises are fully fitted out as branded Pizza restaurants. Excluded from the sale are: electronic tills, leased equipment (if any), beer dispense equipment (if any), on site computers, pizza oven, salad and buffet carts, the Pizza Hut (trade name) and any associated Pizza Hut branded items, i.e., literature, menus, point of sale, etc.
Formal inspections can be organised upon proof of funds. No approaches or discussions about any sale should be made to staff.
If any of the premises are sold to restaurateurs then the purchaser will be obliged to take on existing staff under TUPE.
The operating premises trade as nationally branded Pizza restaurants. No trade is sold or warranted.
Due to the strength of Pizza Hut's covenant as a tenant, most sales are likely to take the form of sublettings rather than leasehold assignments. Pizza Hut may however, be prepared to allow prospective purchasers (sub-tenants) the option of taking an assignment of Pizza Hut's lease for nil premium at a future date once the purchaser's "credibility" has been established.
Buyers must be prepared to pay a rent deposit of 12 months rent in addition to the rent as security. This has been reflected in the guide prices.
Where leases are approaching their expiry our client will support an application to a new lease.
Interested parties are invited to submit their best offer in writing to the relevant Fleurets regional office (see sales particulars) together with:-
proof of funding to cover (purchase price, capital investment, rent deposit and rent payable).· details of referees (if appropriate), landlord, 2 x trade, bank, accountant and lawyer.· brief details of the proposed use of and alterations to the premises.· experience and track record of the prospective purchaser to support the buyer's credibility.· any conditions attached to the offer.
All figures quoted in the sales particulars are deemed to be exclusive of VAT and VAT will be added where applicable. Similarly, unless otherwise stated any offer made will be deemed to be exclusive of VAT. In most cases the VAT charged is reclaimable. Prospective purchasers should consult their accountant for professional advice in this respect.
Please contact the relevant Fleurets Regional office (see individual sales particulars)
Frequently Asked Questions
Q. Can the restaurants be operated as Pizza restaurants?
Yes, but not under the name of Pizza Hut.
Q. How can I obtain finance to assist with the purchase?
Contact your local Fleurets office who will be able to refer you to recommended financial brokers.
Q. Is the sale price negotiable?
The guide price is simply a guide and set by Fleurets to stimulate activity in the market place.
Q. Can the restaurants be used for other uses?
This will depend on the permitted use within the terms of the lease and planning permission. Restaurants fall with Planning Use Class A3 and change of use to Classes A2 (estate agents / banks / bookmakers, etc) and A1 (retail) are permitted development.
Q. The lease is approaching the end of its term. Is it renewable?
The vast majority of leases of premises in England and Wales are renewable under the Landlord & Tenant Act 1954. Leases in Scotland are not automatically renewable.
Q. Is the freehold available?
Our instructions are to market the leasehold interest and any negotiations to purchase the freehold must be conducted separately and are outside of our client's control.