Telecoms tycoon Sir Charles Dunstone is piling more on his plate as he continues his move into ‘fast casual’ restaurants with a deal to bring American chain MOD Pizza to the UK.
The Carphone Warehouse and TalkTalk chairman, along with business partner Roger Taylor, has signed a joint venture to launch MOD – which stands for Made On Demand – early next year.
Two years after opening American burger chain Five Guys in Britain, the pair hope to follow up with hundreds of MOD Pizza restaurants, starting with four or five in the South East.
Taylor, an executive at Carphone Warehouse for 14 years, said: ‘We will be heavily involved for the first year to 18 months.
‘It’s a new business – we’re building it from scratch. The two of us are from a retail and telecoms background but going into the fast casual restaurant business was exciting.’
Through investment vehicle Freston Ventures, they have teamed up with Scott and Ally Svenson, the American couple who founded the pizzeria seven years ago.
It is expected to have 100 stores across the US by the end of the year with £39m turnover, and has already attracted £45m in funding. Taylor refused to confirm how much money Sir Charles, who has a net worth of £1.8bn, is pumping into the launch.