Domino’s Pizza Group has revealed it is facing a cost hit of about £3 million a year from recent Budget measures as it unveiled a new five-year agreement with franchisees. The London-listed takeaway pizza chain said last month’s Budget move to increase employers’ national insurance contributions and further increase the national minimum wage had “significantly increased the cost of labour” for Domino’s and its franchise partners.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post and here
00:05are your business headlines for this morning. The Domino's Pizza Group has revealed it's facing a
00:10cost hit of about three million pounds a year from the budget measures as it unveiled a new
00:17five-year agreement with franchisees. The takeaway pizza chain said last month's budget moved to
00:24increase employers' national insurance contributions and further increases to the
00:30national minimum wage had significantly increased the cost of labour for Domino's
00:36and its franchise partners. The group said in a statement today,
00:41although we've identified specific mitigation plans, we now believe that the annual impact
00:46for Domino's Pizza Group will be around three million pounds per annum from 2024 to 2025 onwards.
00:54My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.