14 May 2009

Pizza business repurchased by founders

6:00 am on 14 May 2009

The founders of Hell Pizza have bought the business back less than three years after selling it to Tasman Pacific Foods for $15 million.

Warren Powell, Callum Davies and Stu McMullin will take control of the 61 stores at the end of the week. While they won't say how much they paid for it, they are happy it's at market value.

The three sold the business to fund its growth overseas.

Mr Powell says they will reverse the chain's move to the cheaper end of the pizza market, back to the premium end where it started.

He says that gives its international moves more credibility with potential franchise owners.

Hell Pizza is opening another nine outlets in Brisbane this year, to add to its current six stores there. A second store is planned in London in a few months and one in Canada. There is also a store in Dublin.