Pizza Hut renews Master Franchise agreement for New Zealand
Pizza Hut, a pizza restaurant franchise, has renewed its Master Franchise agreement in New Zealand. In the renewed agreement Restaurant Brands New Zealand Ltd. will own the Pizza Hut Master Franchise rights for an initial 10 year period with a further 10 year right of renewal. The agreement also grants Restaurant Brands New Zealand Ltd. a framework for the progressive sale of stores to individual franchise owners.
Restaurant Brands New Zealand Ltd said: 'Substantial increases in the number of competitors have made certain stores better suited to hands-on management by owner operators rather than the corporate model under which Restaurant Brands currently operates its Pizza Hut stores.'