Pizza Express confirms closure of 73 restaurants across the UK
7 September 2020, 11:50 | Updated: 7 September 2020, 11:54
Pizza Express has revealed it will close 73 restaurants, putting 1,100 jobs at risk.
Pizza Express has become the latest company to fall victim to the coronavirus pandemic as 73 restaurants will now close.
The high street chain has announced the dramatic closures, which will put over 1000 jobs at risk.
Pizza Express currently has around 454 restaurants across the UK.
Unfortunately, sales have been hit hard by the temporary closure of all its restaurants, as well as the cost of reopening them in June.
The news of possible closures was announced back in August, but these proposals have now been approved by creditors.
89% of its creditors voted in favour of its Company Voluntary Arrangement (CVA), which allows struggling businesses to cut costs.
This will also see it lower the rents on its existing restaurants and the company's external debt reduced from £735million to £319million.
Pizza Express currently has 355 restaurants open in the UK, with more than 30 due to reopen in the coming weeks.
In a statement, the company said: "The successful vote unlocks the company's ability to actively address the challenges brought by Covid-19, securing over 9,000 jobs in the UK.
"The directors of Pizza Express thank its creditors for their support during this period and look forward to ongoing partnership as the hospitality industry recovers to growth."
While most of its restaurants were making money before the pandemic, profits have been falling for the last three years.
This comes after Zizzi owner Azzurri Group announced in July 2020 that it would permanently shut 75 branches.
While Frankie & Benny's owner The Restaurant Group is also planning to close 125 branches.
See the full list of Pizza Express restaurants closing:
Aberdeen - Belmont Street
Barnstaple - Three Tuns
Birmingham - Corporation Street
Birmingham - Mailbox
Bournemouth - Post Office Road
Bristol - Berkeley Square
Bristol - Regent Street
Dudley - Merry Hill
Earls Court - Earls Court Road
Edinburgh - Holyrood
Fulham Palace Road
Glasgow – Princes Square
Ipswich - Lloyds Avenue
Leeds - Crown Street
Leeds - Horsforth
Newport - Isle of Wight
Newport - South Wales
Nottingham - Goosegate
Oxford - Oxford Castle
Reading - St Mary's Butts
Sheffield - Devonshire Street
Sheffield The Moor
Southport - Old Bank