US-based Domino's Pizza has reached an agreement with one of its franchisees to form a joint venture (JV) that will own and operate shops in London, UK.

Under the agreement, Domino’s will invest £24m ($31.17m) and take a 75% stake in the JV, which will consist of the franchisee’s 25 existing stores in London.

American meat processing company Smithfield Foods has entered a strategic partnership with Chef'd, an e-commerce meal provider.

"Under the agreement, Domino’s will invest £24m ($31.17m) and take a 75% stake in the JV."

By making a Series B investment of $25m to Chef'd, Smithfield became one of the major investors in the company. The partnership allows the company to learn the direct-to-consumer model through the application of real-time consumer insights and sales data.

Chef'd expects to benefit from Smithfield's product development and sourcing capabilities apart from accessing Smithfield's national distribution network and facilities to expand its next-day delivery services.