The owner of Pizza Express is preparing to permanently close 15% of its UK restaurants as part of a huge cost-cutting drive, according to reports this morning.
Founded in 1965 in London, Pizza Express is now on almost every British high street. There are 470 UK restaurants with a further 150 around the world.
In total, the pizza chain – famous for its doughballs – employs 8,000 people in the UK.
However, the chain has been struggling, saying that the ‘business and its advisers have undertaken an extensive review of its operations to plan appropriately for the future’.
The changes will see a site-by-site review of each branch of Pizza Express, the Mirror reports.
It is expected as a result, around 15% of its UK restaurants – equivalent to 67 outlets – have been earmarked for closure. This puts up to 1,100 jobs at risk.
Bosses said the firm has reached an agreement with secured creditors and its majority shareholder, Hony Capital for a restructuring of the business.
To help bounce back from the pandemic, the restructuring is set to cut costs by £144m.
The Mirror reports a company voluntary arrangement, a type of insolvency arrangement, will allow it to review the UK estate and close underperforming stores.
