Business
What went wrong with Pizza Hut?
Faarea MasudBusiness reporter
BBCPizza Hut was once a go-to for families and friends to tuck into its all-you-can eat buffet, unlimited salad bar, and self-serve ice-cream with all the toppings.
But fewer diners are “hitting the Hut” these days and it is closing half its UK restaurants after being bought out of administration for the second time this year.
“We used to go to Pizza Hut when I was a child,” says Prudence, when the BBC asked shoppers in London why they thought the chain was struggling. “It was like a family thing, you’d go on a Sunday – make a day of it.” But now aged 24 she says “it’s not a thing anymore”.
For 23-year-old Martina Debnatch it is some of the very things Pizza Hut has been known and loved for since it opened in the UK in the 1970s that are now not-so-hot.
“The way they do their buffet and their salad bar, it feels like they are cheapening on their quality and have lower standards…They’re giving away so much food and you’re like ‘How?'”

As food prices have soared, Pizza Hut’s all-you-can-eat model has become very expensive to run. As have its 132 restaurants which are being sliced to 64.
The business, like many others, has also seen its costs increase. In April this year, staffing costs jumped due to rises in minimum wages (which went up nearly 7% this year, to £12.21 for employees aged 21 and over) as well as an increase in employer national insurance contributions.
Chris, 36, and Joanne, 29 say they used to go to Pizza Hut for a date “every now and then”, but now they order in a Domino’s and think Pizza Hut is “very overpriced”.

Depending on your order, Pizza Hut and Domino’s prices are similar, says Giulia Crouch, food expert and author of The Happiest Diet in the World.
While Pizza Hut does offer takeaway and deliveries through Ubers Eats, Deliveroo and Just Eat, it is losing out to big rivals which solely cater to this market.
“Domino’s has managed to dominate the takeaway pizza sector thanks to aggressive marketing and constantly running deals that make consumers feel like they’re getting a bargain, when in reality the original prices are quite high,” says Ms Crouch.
But for Chris and Joanne it is worth it to get their date night delivered to their door.
“We definitely eat at home now more than we eat out,” says Joanne, echoing recent statistics that show a drop in people going to casual and fast-food restaurants.
John Keeble/Getty ImagesOver the summer, casual and fast-food restaurants saw a 6% drop in customers compared to last summer.
There is also another rival to restaurant and takeaway pizzas: the cook-at-home oven pizza.
Will Hawkley, head of leisure and hospitality at KPMG, points out that not only have supermarkets been offering high-quality oven-ready pizzas for years – some are even selling home-pizza ovens.
“Lifestyle changes are also playing a factor in the success of fast-food chains,” says Mr Hawkley.
The rising popularity of high protein diets has boosted sales at chicken shops, while hitting sales of carb-heavy pizza, he adds.
As people go out to eat less frequently they may look for a more a premium experience and Pizza Hut’s American-diner style with booth seating and red and white checked plastic table cloths can feel more retro than upmarket.
The “explosion of high-quality pizzerias” over the last 10 to 15 years, such as Franco Manca, has “fundamentally changed the public’s perception of what good pizza is,” says Ms Crouch.
“A light, fresh, easy-to-digest product with a few choice toppings, not the massively greasy, heavy and overloaded pizzas of the past. That, I think, is what’s caused Pizza Hut’s downfall,” she says.
“Why would anyone spend £17.99 on a small, substandard, disappointing pizza from a chain when you can get a beautiful, masterfully-made Margherita for under a tenner at one of the many authentic Italian pizzerias around the country?
“It’s a no-brainer.”
Dan PuddleDan Puddle, who owns Smokey Deez, a small mobile pizza van based in Suffolk says: “It’s not that people have fallen out of love with pizza – they just want better pizza for their money.”
Dan says his flexible operation can offer premium pizza at accessible prices, and that Pizza Hut struggled because it could not keep up with new customer habits.
At Pizzarova, a small independent chain based in Bristol, owner Jack Lander says the pizza market is broadening but Pizza Hut has failed to offer anything new.
“You now have slice concepts, London pizza, new haven, sourdough, Neapolitan, Detroit – it’s a heavenly minefield for a pizza-loving consumer to explore.”
Jack says Pizza Hut “needs to reinvent itself” as younger people don’t have any sense of nostalgia or loyalty to the brand.
Jack LanderOver time, Pizza Hut’s market has been sliced up and distributed to its trendier, more nimble rivals. To maintain its expensive staffing and restaurants, it would have to increase costs – which KPMG’s Mr Hawkley says is difficult at a time when household budgets are shrinking.
Nicolas Burquier, Pizza Hut’s managing director of international markets, said the buyout aimed “to safeguard our guest experience and protect jobs where possible”.
He said its immediate priority was to continue operating at the remaining 64 restaurants and 343 delivery sites and to support colleagues through the transition.
But with so much money going in to running its restaurants, it likely can’t afford to invest too much in its delivery service because the sector is “complex and partnering with existing delivery apps comes at a cost”, Mr Hawkley says .
But, he adds, cutting its costs by leaving oversaturated towns and city centres could be a good way to adapt.
Business
Lenskart IPO Opening Date Announced: Check Price, GMP, & Key Dates
Last Updated:
Lenskart Solutions Limited will open its Rs 7,278 crore IPO on October 31, 2025, with expected listing on BSE and NSE on November 10.
Lenskart has announced the opening date for its IPO.
Lenskart IPO GMP: Eyewear company Lenskart Solutions Limited has announced October 31 as the opening date for its initial public offering (IPO). The three-day subscription window will end on November 04, 2025. The expected size of the issue is Rs 7,278 crore, as informed in the RHP filed on October 25.
Lenskart’s IPO anchor book will open for a day on October 30, according to the Red Herring Prospectus (RHP). The company is expected to finalise share allotment by November 6, and trading of Lenskart shares on the BSE and NSE will begin from November 10.
The company hasn’t yet revealed the price band for its upcoming IPO. It will be announced closer to the launch date.
The grey market premium (GMP) will also be available once the IPO price band is fixed.
Lenskart IPO Details
Earlier, Lenskart converted into a public limited company in June. Its name was changed from Lenskart Solutions Private Ltd to Lenskart Solutions Ltd during an extraordinary general meeting held on May 30.
Back in February, the company was reportedly in discussions to appoint five investment banks — Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital — as advisors for the IPO.
Existing investors like TR Capital, Chiratae, Softbank and Kedaara Capital are expected to sell their stake as part of the deal.
Alongside founders and promoters — Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi — investors including SoftBank’s SVF II Lightbulb (Cayman), Schroders Capital, PI Opportunities Fund, MacRitchie Investments, Kedaara Capital Fund, and Alpha Wave will also participate as selling shareholders in the offer-for-sale. Notably, Schroders Capital Private Equity Asia Mauritius is set to exit entirely, offloading its 1.9 crore shares, representing a 1.13% stake, through the IPO.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
October 26, 2025, 11:13 IST
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Business
US-China trade talks: ‘Moving forward’ towards final agreement; Trump expresses hope for ‘comprehensive deal’ with Xi – The Times of India
The longstanding trade tensions between the United States and China might finally come to an end as the two nations are making progress on finalising the details of a trade agreement, a US official said on Sunday.“I think we’re moving forward to the final details of the type of agreement that the leaders can review and decide if they want to include together,” US trade representative Jamieson Greer said, as cited by AFP.
Earlier, US President Donald Trump US President Donald Trump had also expressed believe that the two nations will reach a “comprehensive deal” with China’s Xi Jinping, putting an end the bitter trade war between the world’s two largest economies.When asked by reporters aboard Air Force One what he hoped to take away from upcoming talks in South Korea, Trump replied, “I think we have a really good chance of making a really comprehensive deal.”The announcement comes after the latest round of trade talks in Malaysia, which began on Saturday, as both nations sought to prevent further escalation of a costly tariff dispute.“The Chinese and US delegations convened on Saturday morning for talks on economic and trade issues,” the official Xinhua news agency reported, as cited by AFP.Chinese Vice Premier He Lifeng is leading a delegation in Malaysia from October 24 to 27 to hold discussions with the United States, the Chinese commerce ministry said. The talks are focused on “important issues in the economic and trade relationship between China and the United States,” the ministry added.Tensions between the two countries have intensified in recent weeks. US President Donald Trump threatened 155% additional tariffs on Chinese imports. This came after Beijing’s introduction of sweeping controls on its rare earths industry earlier this month. Both countries have also imposed fees on each other’s shipments, following a US “Section 301” investigation that concluded China’s dominance in the sector was unreasonable.Trump had warned that he might cancel his anticipated meeting with Chinese President Xi Jinping in South Korea, scheduled on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit beginning October 31. Despite the mounting tensions, the US president emphasised his goal of securing a “good” deal with China and bringing the trade war to an end.The timing of the Malaysian talks coincided with President Trump’s visit to Kuala Lumpur for the Association of Southeast Asian Nations (ASEAN) meeting from October 26 to 28, further highlighting the strategic importance of these discussions.
Business
The fall and future of Manchester Pride
Jasmine Sandhar,BBC Newsbeat and
Pete Allison,BBC Newsbeat
Getty ImagesWhen Saki Yew stepped off stage at this year’s Manchester Pride, she felt “joyous”.
The former Drag Race UK queen had spent weeks rehearsing and creating costumes for the performance at the city’s Sackville Gardens in August.
It was effort she was happy to make for one of the UK’s biggest LGBTQ+ events, and the reaction from the crowd made it worth it.
But when she asked Pride’s organisers for her payment, she says there was silence.
The charity behind Manchester Pride went bust this week, leaving dozens of performers, vendors and backstage workers unpaid.
In a statement confirming it had gone into liquidation, bosses blamed a “combination of rising costs, declining ticket sales and an ambitious refresh of the format aimed to challenge these issues”.
But some believe repeated warning signs about the sustainability of the event weren’t heeded.
Warning signs
Manchester Pride started in 1985 as a two-week fundraising event.
Since then, it’s grown in size and influence, becoming the first UK organisation to add black and brown stripes to the rainbow flag to represent LGBTQ+ people of colour.
By 2025 Manchester was one of the biggest Pride events in the UK, alongside London and Brighton’s annual celebrations.
With its increasing size came bigger names, including Ariana Grande, Sophie Ellis-Bexter, Anastacia and Zara Larsson.
This year’s star-studded line-up featured Nelly Furtado, Olly Alexander, and former Little Mix star Leigh-Anne.
But behind the scenes there were signs all was not well, according to people who worked on this year’s event.
Abbie AshallEvent manager Abbie Ashall had worked for Manchester Pride since 2023, and was a project manager for this year’s parade.
She tells BBC Newsbeat many charities were hit hard by the Covid-19 pandemic, and there was evidence Manchester Pride had also been affected.
Abbie says she was given strict budgets to stick to, and noticed that former colleagues who left were not replaced.
Yet, at the same time, Abbie says, Pride’s organisers launched Mardi Gras this year – a two-day, ticketed event at Manchester’s high-capacity Mayfield Depot.
Attendees reported that crowds were small, and Abbie says the event was not considered successful.
Contractor Chris O’Connor worked at Manchester Pride for five years as a runner, a role he describes as a mixture of organisation and “troubleshooter-slash-firefighter”.
He says working in the run-up to previous Pride weekends had been “a joy”, but that 2025 had presented “red flags” and “major issues” for him to resolve from the start.
He believes Manchester Pride, which reported a loss of about £468,000 in 2023, should have had better control of the finances.
‘I rely on that money to live’
Both Chris and Abbie say they are still owed money for their work on 2025’s event.
In Chris’s case, he says not being paid prevented him visiting his son, who has just started university in Ireland.
Saki Yew tells Newsbeat she has “a life outside of drag” and “bills and groceries to pay for”.
Like Chris, Saki believes Pride’s organisers could have been more transparent about their financial troubles while people waited for payment.
“It’s highly disrespectful,” says Saki.
“You’ve kept us in the dark, you’ve just disrespected every single person on what they do and what they provide for you.”
Getty ImagesSome suspect the lack of communication from Manchester Pride’s organisers over payment is linked to its failed bid to host 2028’s Europride.
The international event usually attracts huge crowds, and Abbie believes Pride bosses were banking on “the funding that would have come with that from Manchester City Council and beyond”.
When it was announced that Limerick and Clare, in Ireland, had won the bid earlier this month, hopes for potential Europride investment disappeared.
“I think they took a massive swing and it was a miss,” says Abbie.
The exact details of the circumstances leading up to Manchester Pride going into liquidation aren’t yet known.
However, the Charity Commission, which works to ensure organisations in England and Wales comply with the law, is “assessing concerns” after Pride’s bosses submitted a “serious incident report relating to its finances”.
There are also questions about future events in Manchester, and what shape they will take.
Getty ImagesOn the streets of the city, it’s not hard to find people who attended this year’s Pride and want to see the celebration return.
Kieran, 24, from Oldham, believes “it’s something that everyone in Manchester looks forward to”.
“It brings all types of culture and people together,” he says.
Lexi agrees Pride is “a big part of not only the culture of this city, but so important for the community itself”.
“If we don’t have Pride, what else do we have?”
Lexi says attending Pride events after she’d just come out was “a really important time” and “it would be horrible for people to lose that opportunity”.
‘A new chapter’?
Manchester City Council has said it will “support a new chapter for Manchester Pride weekend, which will take place next August”.
Lexi is optimistic.
“I would be happy to put my money into something, especially if it’s going to go back to the community,” she says.
There had been complaints about staging events outside Manchester’s gay village and focusing on spectacle over supporting LGBTQ+ causes.
“Maybe there’s a way around it in creating a cheaper, more sustainable Pride,” Lexi hopes.
But for the workers that may depend on, trust has been lost as well as money.
“This charity is there to platform and support queer artists and practitioners,” says Abbie.
“For all of those people to be at a loose end when this is the charity that is meant to raise them up more than anybody – that’s where it’s deeply frustrating and really upsetting.”
The BBC approached Manchester Pride for comment but it did not respond.
In a statement shared on social media, Manchester Pride’s Board of Trustees expressed “regret” for delays in communication, but said it was “keen not to jeopardise financial opportunities while our discussions were ongoing”.
It said it had hoped to find a way to continue to support those who had contributed, and was “sincerely sorry for those who will now lose out financially from the current situation”.
“We have put our hearts and souls into the celebration and community activities over two decades,” it added.
“We hope and believe that this leaves a positive and lasting legacy for the Pride movement in Greater Manchester.”
Additional reporting by Georgia Levy-Collins.

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