Dodo Pizza sold the British business to a top manager of the company
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The founder of Dodo Brands, Fedor Ovchinnikov, sold his stake in Dodo International Group Limited (the legal entity of Dodo Pizza in the UK) in June, should from the British register of legal entities and their beneficiaries. Forbes drew attention to this.
According to the data in the register, Ovchinnikov ceased to be the controlling shareholder of the British business on June 6, 2022. On the same day, Kirill Vyrypaev left the post of financial director. From that moment on, David Christopher Sweeney became the owner of the British Dodo Pizza business. He has served as director of the company since its founding in 2019.
In the press service of Dodo Brands, answer Forbes questions refused. “International Business [«Додо Пиццы»] is in the process of reorganization, we do not give comments until its completion, ”the company said.
An interlocutor of the publication, close to Dodo Pizza, explained that the owners of the company were forced to sell their business in the UK after the start of Russia’s special operation in Ukraine. There were problems with financing from Russia due to anti-Russian sanctions.
The source claims that Sweeney is the temporary owner of Dodo International Group Limited. In the future, the British business is planned to be sold to a “real buyer”. The interlocutor specified that it would be easier to do this from the hands of the British owner. He also argues that the valuation of the company when sold to the end buyer will be small relative to its revenue.
The first Dodo Pizza franchise opened in the UK in 2017. Two years later, a second corporate pizzeria appeared in the country. In total, there were four establishments in the UK. It was expected that by 2023 there will be 50 of them.
However, in March, Ovchinnikov announced the closure of Dodo Pizza’s corporate business in the UK. He noted that for all the time about 3 million pounds sterling was invested in it. Some of them the company invested in a factory for the production of Roman dough (it was never completed).
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