Winchester, MA (Profitable.com) Autumn is here and the holiday season is…
Successful London-based entrepreneur Jatinder Wasu has rescued Perfect Pizza, the fourth-largest pizza delivery franchise in the UK, after it ran into surprise financial difficulties in mid-July.
Perfect Pizza is unique in being the only one of the top four to have British roots – the other three originate from America. Over recent years Perfect Pizza has lost some direction and the takeover heralds a revival and much-needed new management.
“Perfect Pizza is the only major chain with franchises still available in so many big towns and cities,” said Wasu. “We have territories and opportunities that none of the other major players can offer. We are looking for new store-owners and franchisees throughout the country.”
“The products and distribution are all there. Consumers love our food. We have plenty of capacity for expansion and we are looking forward to serving Perfect Pizza to thousands more. The new store openings will also create employment opportunities which will be welcome news in the current economic climate.”
Based at Gailey Park, Staffordshire, Perfect Pizza employs 34 staff directly and well over a thousand more indirectly through its franchised stores. As well as saving jobs, the rescue comes at an ideal time for the brand. Whilst recession-hit consumers are going out less, demand for freshly-made pizza is still rising as most people clearly prefer it over the chilled and frozen offerings from shops and supermarkets.
A chartered accountant, Jat Wasu has various business interests including an attractive property portfolio and a leading care home. He has been looking for new challenges and retained City-based corporate finance advisers Eximus Capital to seek out opportunities.
The purchase price is not disclosed, but Wasu seems to have an eye for turnaround opportunities. “We had external backing for Jat, but this was never needed” said Eximus Capital’s MD William Brooks. The door is open for more capital to come in later, “but only once the chain has started to grow again.“
As Brooks puts it: “Jat Wasu has taken control of Perfect Pizza and he has done so decisively. He has no outside backers to answer to and he knows what to do next. This looks to be a turning point for the Perfect Pizza business.”