Shares in DP Poland PLC (AIM:DPP) jumped after the Polish pizza store operator said it will buy Croatian peer All About Pizza (AAP) for £2.4mln and named a new boss.
Nils Gornall, chief executive of AAP, will become CEO of DP Poland when the deal completes.
Gornall has been with Domino's for 28 years, including various roles at Domino's Australia.
The AIM-listed operator of the Domino's Pizza brand in Poland also published full-year results.
Revenue increased 3.1% to £29.9mln for the year ended December 2021.
Group EBITDA increased from a loss of £0.2mln to £1.1mln and the group loss narrowed 51.2% to a loss of £4.3mln.
The deal to buy AAP, which operates as Domino's Croatia, will be funded by issuing 29.78mln shares at 8p each.
AAP operates two stores in Zagreb, with a third fully financed and scheduled to open in June 2022.
As part of the agreement, AAP is to be reorganised by June 30 or by a longstop date of July 29.
In 2021, AAP posted revenue of €951,000 and EBITDA losses of €110,000.
DP Poland's current CEO, Piotr Dzierzek, will remain the deputy CEO of DP Polska SA and Dominium SA, the company's operating entities in Poland, but step down from the board.
Shares in DP Poland surged 21% to 6.35p.