Domino’s UK the pizza delivery chain are to offload their loss making Norwegian arm and sell their entire 71% stake by paying £7m in cash to current minority shareholders.
Domino’s warned last week the wider international arm are expecting full year losses of around £20m for 2019. In 2018 the division operating profits slumped by £6.6m.
Outgoing chief executive David Wild said, “This transaction is positive for all stakeholders and also provides Domino’s Pizza Group with a clean exit from Norway following operating losses and high levels of capital expenditure over a number of years.
“The new owners have exciting plans for the business and importantly, the Domino’s brand will retain its presence in Norway.”