Restaurant Brands New Zealand Ltd., through its unit Restaurant Brands Ltd., signed a master franchise agreement with Yum! Brands Inc.-owned Pizza Hut Restaurants Asia Pte. Ltd. to operate the Pizza Hut brand in New Zealand.
According to a June 13 release, the agreement lets Restaurant Brands be the pizza chain's master franchisee in the country for a 10-year term. The company will handle day-to-day administration of the restaurant, including supporting existing franchisee-owned stores and developing new ones.
Restaurant Brands will also be the franchiser to existing independent franchisees following the transfer of Yum! Brands' rights and obligations under existing independent franchise agreements. In return, Restaurant Brands will get a portion of the franchise fees payable by independent franchisees to Yum! Brands.
Restaurant Brands will continue to own and operate its own Pizza Hut stores in New Zealand alongside the independent franchisees. The agreement also provides a more streamlined and responsive process for brand building under this mixed ownership model.
