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Pizza Express could permanently close scores of its 470 UK restaurants


Pizza Express could permanently close scores of its 470 UK restaurants

  • Pizza Express is grappling with a £1.1billion debt pile 
  • A restructuring process known as a CVA is one of several options 

Pizza Express could permanently close scores of its 470 UK restaurants.

The Mail on Sunday understands the high street chain could go through a restructuring process known as a CVA, which would allow it to exit some or all of its loss-making sites and reach an agreement with creditors.

Before the coronavirus pandemic hit in March, forcing restaurants to close, fewer than ten of the chain’s UK venues were loss-making. 

Pizza Express could go through a restructuring process known as a CVA

Pizza Express could go through a restructuring process known as a CVA

But it is understood the crisis has forced the firm to evaluate options for ensuring its future viability and a CVA is one of several possibilities.

Pizza Express – owned by Chinese private equity firm Hony Capital – is grappling with a £1.1billion debt pile, of which £665million is owed to bondholders, and is seeking a consent solicitation to delay publication of its 2019 results on advice from the Financial Conduct Authority.

Earlier this month credit ratings agency S&P said a debt restructuring was ‘highly likely’.

Pizza Express – which employs 14,000 people globally across 627 restaurants – declined to comment.



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