Hell Pizza is the target of a multi-million dollar takeover.

Director Callum Davies confirmed he has received an offer but refused to say from whom or for how much: "If someone wants to pay a lot of money for your business, then you listen."

Franchisees claimed talks were well advanced with an Australian company. Under the proposed deal, Davies and co-owner Stu McMullin would stay on as brand managers.

One possible buyer, Retail Food Group, declined to comment.

Advertisement

Last year, the Herald on Sunday revealed the Serious Fraud Office raided the offices and homes of several past and present employees.

SFO chief executive Adam Feeley decided there was insufficient evidence to warrant further investigation. Davies said he had received the all-clear.