Aug 4, 2020

PizzaExpress to cut 1,100 jobs and sell UK business

PizzaExpress has put its UK business up for sale and warned of 1,100 job cuts as it takes more drastic action to stave off collapse as a result of the coronavirus crisis. The 55-year-old Italian pizza chain will close 67 restaurants - 15 per cent of its UK estate - and offload its Chinese business. The company announced a fresh £144m injection into the business, half of which will be used to refinance debt and the other half to fund the reopening of its 449 UK restaurants. PizzaExpress was vulnerable coming into the pandemic with a debt-laden balance sheet. If a buyer is not found for the UK business, ownership will be passed to the group's senior secured bondholders.

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