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Retail & Consumer

Pizza Express to close 73 restaurants with loss of 1,100 jobs as CVA is approved

The restructuring plans will also see £144m of new funds pumped into the business to drive future growth

Pizza Express announced closures last week(Image: Aldershot News and Mail)

Around 1,100 jobs will go and 73 restaurants will close at Pizza Express after the chain's restructuring plans were approved by creditors.

The chain said 89% of its creditors voted for its Company Voluntary Arrangement (CVA) restructuring deal, which will also see it secure rent reductions.

It needed a minimum of 75% of creditors to vote in favour of the deal to give it the green light.

Pizza Express announced the CVA plans last month, saying the slump in revenue caused by the enforced closure of all restaurants during the pandemic, the cost of reopening, and the 海角视频's uncertain economic future meant its rental costs were no longer sustainable.

It is the latest in a raft of chains, including Zizzi-owner Azzurri Group, Byron Burger, and Frankie & Benny's owner The Restaurant Group, to shut sites after being hit by the lockdown.

Pizza Express said it currently has 355 restaurants open in the 海角视频, with more than 30 due to reopen in the coming weeks.

The restructuring will also see a significant de-leveraging on the group's external debt, reducing it from £735 million to £319 million.

Around £144 million of new funds will be pumped into the business to drive future growth.