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DP Eurasia says Russian business will file for bankruptcy

21st Aug 2023 10:18

(Alliance News) - DP Eurasia NV on Monday said DPRussia's holding company has begun steps to file for DPRussia's bankruptcy.

The master franchisee for Domino's Pizza Group PLC in Turkey, Azerbaijan and Georgia said this follows its announcement in December that it was considering its presence in Russia due to the impact of sanctions imposed after Russia's invasion of Ukraine earlier in 2022.

The company said the decision ends its attempted sale process for DPRussia as a going concern, and therefore its presence in Russia.

The company said it will file a bankruptcy petition in Russia.

DP Eurasia said it is too earlier to estimate the impact of its Russian business's insolvency, noting that DPRussia's external debt of RUB520 million, or GBP4.3 million, has been settled by its Turkish subsidiary from existing cash resources.

DP Eurasia shares rose 3.4% to 52.00 pence each on Monday morning in London.

By Harvey Dorset, Alliance News reporter

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