Coronavirus: Pizza Express could permanently close some restaurants
Pizza Express could be forced to permanently close some of its 470 UK restaurants after the coronavirus crisis heaped pressure on the debt-laden firm.
The casual dining chain, which is owned by Chinese private equity firm Hony Capital, is reportedly mulling a company voluntary arrangement (CVA), which would allow it to shutter some or all of its loss-making branches.
Fewer than 10 of the Italian restaurant chain’s sites were loss-making in March, before the coronavirus crisis hit the UK, according to the Mail on Sunday.
However the pandemic has put pressure on Pizza Express to evaluate options for the future, including a CVA, the paper reported.
The company confirmed today that it will “undertake a comprehensive review” of the business.
“Our priorities during the Covid-19 pandemic remain clear – to look after our teams, to protect the business for the long term and to re-open successfully when the time is right,” a spokesperson said.
“While planning for the future, we will undertake a comprehensive review of our business encompassing our restaurants, including the roll-out of Future Express, and planned digital innovations.
“When complete, and hopefully with greater clarity around how our restaurants can re-open safely, we will take the right steps to ensure PizzaExpress’ next 55 years are as successful as the last 55 years.”
Meanwhile, Pizza Express is preparing to reopen 13 London sites for delivery from next week.
It selected locations where it has typically seen high customer demand, including Balham, Fulham and Notting Hill.
Pizza Express will launch with a “slightly edited” menu and with new safety measures in place.