(The following press release from Rutland was received by e-mail. It was 
not confirmed by the sender.) 
*Rutland Partners buys Pizza Hut’s UK Dine-In Restaurant business from
Yum! Brands Inc.* 
Rutland Partners, the specialist restructuring investor and Yum! Brands,
global owners of the Pizza Hut brand, announce that on 8 November they
completed a deal whereby Rutland acquires Pizza Hut UK’s Dine-In restaurant
In the deal, Rutland Partners has acquired the share capital of Pizza Hut
UK Ltd, the company which owns 330 dine in restaurants and will operate
them under a franchise agreement from Yum!. Rutland will invest £20 million
in support of a broad £60 million refurbishment and restructuring programme
of the business. Yum! will continue to act as Franchisor for the dine in
business whilst also growing the Pizza Hut delivery business in the UK
through franchise and equity new unit development. 
The current management team of the Pizza Hut Dine-In business, under the
leadership of Jens Hofma, will remain with the business. The team was
assembled to implement a turnaround and has spent the last two years
formulating and testing the strategy, which has already seen considerable
success. In conjunction with Yum!, it was decided that the good progress
made to date would benefit from external capital and an experienced
investor and Rutland is delighted to be selected by Yum! as the preferred
The newly created Yum! (III) UK Ltd, headed up by Managing Director Mark
Fox, will focus on generating significant growth for the Pizza Hut Delivery
business and on representing Yum’s interests as the owner and franchisor of
the Pizza Hut brand. The two parties will collaborate closely to ensure the
success of the Pizza Hut brand as a whole in the UK. 
*Nick Morrill, Managing Partner of Rutland said:* 
“We are excited about the iconic appeal of the Pizza Hut brand and its
status as the leading casual dining brand in the UK. The business has had
its fair share of challenges over the past few years but the management
team has put a clear turnaround plan in place that has already led to much
improved performance over the past 12 months. We have been very impressed
by the energy and capability of the team at all levels of the business and
we are excited by the prospect of working with the management to drive the
turnaround to completion.” 
*Jens Hofma, Managing Director of the Pizza Hut Dine In Business said:* 
“I am truly delighted that we have secured new investment into the
business. The 10,000 strong Pizza Hut Dine-In team is on a mission to put
our guests at the centre of everything we do and to inject fun, energy and
quality back into our restaurants. Throughout the sale process, Rutland
Partners, above all others, has demonstrated a level of ambition and
enthusiasm that matches our own drive for the transformation of our
business. The entire team is relishing the opportunity to work with
Rutland in the years ahead.” 
*Mark Fox, Managing Director for Yum! (III) said:* 
“We are extremely pleased to have completed the sale of the dine in
business to Rutland Partners. We have been impressed by their enthusiasm
for the brand and their belief that they can work with the existing
management to further refine and accelerate the turnaround which is already
underway. The recent positive momentum within the business has given all
parties renewed confidence that the strategy of putting the guest at the
centre of everything we do is the right one. The new investment and
expertise that Rutland bring to the brand will help the team to further
enhance the guest experience and complete the turnaround story.” 
*Notes to Editors: * 
* * 
*About Rutland Partners* 
· Rutland Partners is a leading turnaround and restructuring investor
which invests in underperforming UK companies to create stability,
strategic change and improved performance. 
· The value of such companies will usually range from £20 million to
£150 million with Rutland committing between £10 million and £50 million
per investment. 
· Rutland considers all later stage transaction types across all
sectors with the exception of property, hi-tech and bio-tech investments. 
· Rutland has raised over £500 million in committed capital across
two funds: Rutland Fund (£210 million) and Rutland Fund II (£320 million). 
· Rutland Partners LLP is authorised and regulated by the Financial
Services Authority. 
· Rutland is a member of the British Venture Capital Association and
a corporate partner of the Institute for Turnaround.** 
· Rutland Partners is supporting The Senahasa Trust in 2012, a small
charity making a real difference at community level in Sri Lanka following
the December 2004 Tsunami 
· For more information on Rutland, please visit** 
*About Pizza Hut UK Ltd* 
· Pizza Hut UK Ltd currently comprises 330 dine in restaurants
across England, Wales and Scotland 
· The business serves over 3 million customers per month and
employs more than 10,000 people 
· The restaurant business was named Best Pizza Chain for the
second year running at the Pizza, Pasta and Italian Food (PAPA) awards in
2011 and was also voted Best Family Restaurant at the Tommy Awards in 2012,
for the second year running. 
· Pizza Hut opened its first restaurant in the UK in 1973. Since
then Pizza Hut has launched the Deep Pan, Stuffed Crust, Cheesy Bites, 500
calorie Pizzetta, and Cookie Dough desert to the UK market. 
· Pizza Hut also gives away 9,600 tonnes of free Salad each
year through its salad bar and is a proud supporter of the World Food
Programme Charity. 
*About Yum! Brands Inc.* 
· Yum! Brands, Inc., based in Louisville, Kentucky, is the world's
largest restaurant company in terms of system restaurants with over 38,000
restaurants in more than 120 countries and territories. 
· Yum! is ranked #213 on the Fortune 500 List with revenues of more
than $12 billion in 2011. 
· The Company's restaurant brands - KFC, Pizza Hut and Taco Bell -
are the global leaders of the chicken, pizza and Mexican-style food
· Outside the United States, the Yum! Brands system opened
approximately four new restaurants each day of the year, making it a leader
in international retail development. 
· Yum! Brands is a global partner of the United Nations World Food
Program and has raised over $115 million for the relief of world hunger. 
· For more information visit 
*For more information:* 
· Gemma Hinksman, Lexis Agency E-mail: 
Tel: 020 7908 6546 / 07968318149 
· Dominic Shales, Lexis Agency E-mail : 
Tel: 07976 248321 
*Gemma Hinksman*
*Account Director*
Lexis - The Recommendation Agency
8 Bolsover Street, London W1W 6AB
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