Perfect deal for pizza chain
Perfect Pizza, the Wolverhampton-based takeaway chain, has been bought after calling in administrators.
The company was sold in a deal advised by the Birmingham office of law firm Squire Sanders Hammonds to an unnamed buyer.
Administrators Tracey Pye and David Gilbert of BDO LLP were previously appointed to the business after it ran into financial difficulties.
"Due to the distressed nature of the seller's business, the deal required a huge amount of work in a very short space of time, to avoid the value of the business eroding and returns to creditors diminishing,"said a Squire Sanders Hammonds spokesman.
Partner Daniel French added: "We were delighted that we were able to assist our clients in achieving a successful disposal of the company’s business to a motivated buyer, which undoubtedly preserved jobs and delivered a better return for creditors than might otherwise have been the case. I am very proud of what our team accomplished in such a short space of time."
Originally established in 1982, Perfect Pizza has 110 stores across the UK. In 2006, the business was acquired from Papa John’s by Octopus Asset Management in a £7m deal that backed the existing management.
