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Pizza Express to restructure business as creditors vote through CVA

Pizza Express Global Innovation Centre 3

Creditors have approved Pizza Express’ proposed company voluntary arrangement, paving the way for the high street favourite to axe 73 sites.

More than 89% of responding creditors voted for the CVA, passing the 75% approval threshold; and 67% of responding unconnected creditors approved the proposal, more than the 50% required.

An overall majority of landlords voted in favour of the CVA.

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Pizza Express regards the CVA as a key component of a wider financial restructuring which will strengthen the business for the future.

The successful vote unlocks the company’s ability to actively address the challenges brought by Covid-19 and preserve more than 9,000 jobs in the UK.

However, the closure of 73 restaurants will put 1,100 jobs at risk.

There are currently 355 Pizza Express restaurants open in the UK, with 30 more restaurants and Live venues scheduled to reopen in the coming weeks.

Pizza Express puts itself up for sale and confirms 15% of its UK restaurants face closure

Tags : cvaPizza Express
Andrew Seymour

The author Andrew Seymour

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