LEGAL | Staff Reporter, UK

Domino's Pizza Group sells Iceland operations

The pizza firm continues its divestment of non-UK and Ireland assets.

Domino's Pizza Group said it had sold its Icelandic unit for ISK 2.4 billion (approx. £13.7 million) in cash, part of its continued move to divest non-UK and Ireland assets.

In an update, the firm said the 23 stores in Iceland are being bought by a local consortium and the proceeds from the disposal will initially be used to reduce group debt.

The transaction is subject to competition approval in Iceland and is expected to complete before the end of May 2021, assuming clearance is obtained by10 May.

Last year, Domino’s Pizza Group exited Norway and earlier this month said it was in talks on a sale of Domino's Sweden.

Discussions remain ongoing regarding a disposal of the company's Swiss unit, it added.

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