Business
Browning West LP publishes letter to the Board of Domino's Pizza Group PLC
Browning West, LP ("Browning West"), one of the largest shareholders of Domino's Pizza Group PLC ("Domino's" or "the Company"), with an approximate 5% stake, is today publishing a letter sent to the Company's Board of Directors on 7 August 2025, prior to the Company's announcement on 1 September 2025 of a £20 million share buyback programme.
About this update from Domino's Pizza Inc
[{"type":"text","content":"LONDON, Sept. 3, 2025 /PRNewswire/ -- Browning West, LP ("Browning West"), one of the largest shareholders of Domino's Pizza Group PLC ("Domino's" or "the Company"), with an approximate 5% stake, is today publishing a letter sent to the Company's Board of Directors on 7 August 2025, prior to the Company's announcement on 1 September 2025 of a £20 million share buyback programme.","length":432,"tagName":"p"},{"type":"text","content":"In that letter, Browning West called on the Board to pause any acquisitions for six months and to initiate a substantially larger share buyback programme of at least £100 million.","length":179,"tagName":"p"},{"type":"text","content":"While Domino's has since announced a £20 million buyback, Browning West believes this step does not go far enough. The concerns and recommendations set out in the letter therefore remain highly relevant, and Browning West considers it important and urgent to facilitate an open discussion between all shareholders on the appropriate scale of capital return and the Company's strategic direction.","length":403,"tagName":"p"},{"type":"text","content":"Browning West has been a long-standing shareholder in Domino's, first investing in 2019, and continues to believe in the Company's ability to return to sustainable growth in its core business under the leadership of Chief Executive Officer Andrew Rennie. This is why it is important for the Company to aggressively repurchase shares at the largest possible scale while they are highly dislocated.","length":404,"tagName":"p"},{"type":"text","content":"In addition, given the constraints imposed on the Company by the public markets, Browning West has significant reservations regarding the Board's ongoing pursuit of a "second brand" acquisition. Browning West believes that if the Board wishes to pursue this strategy, it should take the Company private by actively identifying a credible private equity partner in the next few months.","length":398,"tagName":"p"},{"type":"text","content":"The full text of Browning West's letter, as sent to the Board of Directors, is reproduced below.","length":100,"tagName":"p"},{"type":"image","alt":"Browning West LP Logo","displaySize":"","headline":null,"caption":"Browning West LP Logo","className":"","disableSlidesho...