Domino’s Pizza has agreed to sell its Swiss business for CHF0.3m (around £0.2m).
The company said on Monday that the deal is expected to complete by the end of August.
“The disposal of Domino’s Switzerland is the final part of DPG’s planned exit from all directly operated international markets and allows management to focus on its core UK and Ireland operations, as announced by the company in October 2019,” it said.
Broker Liberum, which rates Domino’s at ‘sell’, noted: “Domino’s had acquired the Switzerland business in 2012 for £4.7m, and the business has remained loss-making every single year since then.
“This marks the final disposal of the various international businesses, which have together caused significant value destruction. The company sold Norway business for a cash outlay of up to £7m, Sweden business by paying £1.8m in cash to the purchaser, and Iceland for a consideration of £13.7m (having purchased it for £53.8m equity value and £58.6m enterprise value over 2016-17).”
