Restaurant Brands New Zealand has inked a master franchise agreement with Yum! Brands for the continued operation of the Pizza Hut brand in New Zealand.
The 10-year agreement will see Restaurant Brands responsible for day-to-day administration of the Pizza Hut brand in New Zealand, supporting existing independent franchisee-owned stores and developing new outlets.
The local firm will continue to run marketing and operations for the brand in New Zealand and will step into the position of franchisor to existing independent franchisees, and provide development support to new franchisees.
The new deal, which Restaurant Brands had previously flagged, will see it receive a portion of the franchise fees payable by independent franchisees to Yum!
Louisville, Kentucky-based Yum! Brands owns the Pizza Hut, KFC and Taco Bell brands and is the world's largest fast-food restaurant company.
In New Zealand, Restaurant Brands is the country's largest fast-food operator with the KFC, Pizza Hut, Starbucks Coffee and Carl's Jr brands.
In recent years it has been selling its regional and lower volume Pizza Hut stores to independent franchisees and at the end of the company's first quarter it owned 33 Pizza Hut stores in New Zealand, with 65 operated by independent franchisees, bringing the total network to 98 stores.
The company's shares last traded at $7.97, and have increased in value by a third over the past year.