Pizza Express has said it could close around 67 of its UK restaurants and cut up to 1,100 jobs, as part of a major restructuring plan to shore up its finances.
The chain said it plans to launch a Company Voluntary Arrangement (CVA) “in the near future”, in a move which could lead to the closure of 15% of its 449 UK restaurants. However, it stressed that the final outcome of the restructuring has “yet to be decided”.
Pizza Express, which is majority-owned by Chinese firm Hony Capital, said it has also hired advisers from Lazard to lead a sale process for the business.
Group chief finance officer Andy Pellington said: “While we have had to make some very difficult decisions, none of which has been taken lightly, we are confident in the actions being taken to reduce the level of debt, create a more focused business and improve the operational performance, all of which puts us in a much stronger position. We can now plan to invest in both our UK & Ireland and international businesses as well as support our teams.”
Pizza Express have a branch in Hale though it is not known if it is affected.
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