Pizza Express announces permanent closure of 73 restaurants across the UK
Shutting of restaurants could result in the loss of 1,100 jobs
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Your support makes all the difference.Pizza Express has announced that 73 of its restaurants across the UK are to be closed permanently.
The closure of the restaurants, which has come about as a result of the impact of the coronavirus pandemic and subsequent lockdown, could result in the loss of approximately 1,100 jobs.
On Tuesday 18 August, Pizza Express, which currently has around 454 restaurants in the UK, said it had launched a company voluntary arrangement (CVA) to finalise a proposal on reducing restaurant and rental costs.
The firm stated that earnings across the Pizza Express estate have been declining over the past three years, although the majority of its restaurants were profitable before lockdown was established in March.
However, several factors have meant that its rental costs are no longer feasible, including the shutting of restaurants during lockdown, the cost of reopening as lockdown was eased and the uncertainty of the economy in the UK in the near future, the company said.
Zoe Bowley, managing director for Pizza Express in the UK and Ireland, stated that the “impact of the global pandemic has meant that we have had to make some incredibly tough decisions to safeguard Pizza Express for the long term”.
“Today we have confirmed that 73 of our pizzerias are proposed to close permanently,” she said.
Ms Bowley said that the majority of Pizza Express restaurants that are set to close are located close by another branch, which has either already reopened or will do soon.
“Our focus is on our people whose jobs are impacted and we will be doing everything we can either to redeploy them or to support them in finding roles elsewhere,” she said.
“Hard as this process is, it will protect the jobs of over 9,000 of our colleagues and provide a strong footing for Pizza Express to meet future challenges and opportunities.”
Melanie Leech, chief executive of the British Property Federation, commented on the closure of the Pizza Express restaurants.
“These situations are never easy, particularly now for the retail, hospitality and leisure businesses on our high streets at the sharp end of the Covid-19 pandemic,” she said.
“Property owners, however, need to take into consideration the impact on their investors, including the millions of people whose savings and pensions are invested in commercial property, as they vote on any CVA proposal.”
Here are the 73 Pizza Express restaurants that are scheduled to close their doors:
- Aberdeen, Belmont St
- Aylesbury
- Barnstaple, Three Tuns
- Biggleswade
- Billericay
- Birmingham, Corporation St
- Birmingham, Mailbox
- Bournemouth, Post Office Rd
- Bramhall
- Bristol, Berkeley Sq
- Bristol, Regent St
- Bromsgrove
- Bruton Place
- Charlotte St
- Chippenham
- Dalton Park
- Darlington
- Dudley, Merry Hill
- Earls Court, Earls Ct Rd
- Edinburgh, Holyrood
- Formby
- Fulham Palace Road
- Glasgow, Princes Square
- Glossop
- Gosforth
- Grantham
- Halifax
- Hampstead
- Hatch End
- Hereford
- Heswall
- Ipswich, Lloyds Ave
- Leeds, Crown St
- Leeds, Horsforth
- Ludlow
- Lymington
- Melton Mowbray
- Midhurst
- Milton Keynes, Hub
- Moseley
- New Brighton
- Newcastle
- Newport, Isle of Wight
- Newport, South Wales
- Northallerton
- Nottingham, Goosegate
- O2 Finchley
- Orpington
- Oxford, Oxford Castle
- Poole
- Port Solent
- Ramsgate
- Reading, St Mary’s Butts
- Scarborough
- Sheffield, Devonshire St
- Sheffield The Moor
- Shirley
- Southport, Old Bank
- Stafford
- Staines
- Stoke
- Stourbridge
- Sudbury
- Torquay
- Uxbridge
- Wakefield
- Walsall
- Wapping
- Wardour St
- Weston-super-Mare
- Whiteley Village
- Whitstable
- Wrexham
Pizza Express said it has hired advisers from financial advisory and asset management firm Lazard, who will be in charge of the sale process for the company.
The restaurant will also hold a virtual meeting on 4 September with its creditors to seek approval for further measures outlined in the CVA.
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