LONDON (ShareCast) - (Sharecast News) - Domino's Pizza Group said it had sold its Icelandic unit for ISK 2.4bn (£13.7m) in cash as it continued to divest non-UK and Ireland assets.


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, Domino's said on Monday.

The transaction is subject to competition approval in Iceland and is expected to complete before the end of May 2021 assuming Icelandic competition clearance is obtained by May 10 2021.

Domino's has been selling off operations in all directly-operated international markets as management focuses on its core UK and Ireland operations. Last year it 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.

Underlying operating profit at Domino's Iceland for the year to December 27 was ISK 101.2m (£0.6m) and the value of its gross assets was ISK 3.822bn (£22.1m).

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