Home Kent Business County news Article
Pizza Express Kent restaurants at risk amid plans 'to close 75 stores'
15:43, 16 July 2020
updated: 16:59, 25 August 2020
Pizza Express is remaining tight-lipped over reports it is set to close around 75 of its restaurants as a result of the pandemic.
The chain, which has outlets across Kent including in Whitstable , Ashford, Maidstone, Thanet, Bluewater, Tunbridge Wells, Tonbridge and Sevenoaks, as well as in Bromley and Sidcup, is thought to be preparing the move as part of a "financial restructuring".
Discussions over which restaurants will close are due to take place over the coming days as negotiations with landlords take place.
It is understood the final number of its 490 UK and Ireland restaurants under threat of closure will depend on these talks as part of a company voluntary arrangement (CVA).
That is a deal which is struck with creditors which sees payment terms extended or reduced.
A spokesman refused to comment when contacted by KentOnline.
Pizza Express is thought to employ around 8,000 people in the UK.
It has been hit hard by the closure of its outlets as a result of the lockdown and had been struggling before the current health crisis.
It announced the start of a phased reopening of its restaurants as restrictions were eased at the start of the month.
The chain – founded in 1965 – was bought by Chinese private equity firm Hony Capital for £900million in 2014.
Head to our business page for all of the latest news about businesses in Kent
Latest news
Features
Most popular
- 1
The abandoned ‘ghost road’ that once took holidaymakers to the Kent coast
18 - 2
Motorway reopens after fuel spillage in collision
- 3
Dad who took cocaine on holiday still had drug in system when stopped by police
- 4
Rolexes and crypto: How dealer selling drugs from bedroom hid ‘massive profits’
19 - 5
Christmas events cancelled amid weather warning
3