Pizza Express will axe 1,300 jobs after increased Covid curbs hit profits even further – two months after announcing 73 UK restaurants would close
- Pizza Express will cut around 1,300 jobs across its UK restaurants, its bosses say
- It comes after the chain announced in August it would close 73 of its restaurants
- The company said earlier this year that it had been hit by Covid-19 uncertainty
Pizza Express has announced it is cutting around 1,300 jobs across its UK restaurants after recent trading worsened in the face of tightened restrictions.
It comes after the popular chain announced in August that it would close 73 of its restaurants across Britain in a bid to stay afloat in the wake of the coronavirus shutdown.
The company, which in August had around 454 restaurants in the UK, said earlier this year that it has finalised a proposal to reduce its restaurant and rental costs via a company voluntary arrangement (CVA).
Pizza Express has said it is cutting around 1,300 jobs across its UK restaurants after recent trading worsened in the face of tightened restrictions
Bosses revealed in August that although the majority of its restaurants were profitable before lockdown was imposed, earnings had been declining across the Pizza Express estate for the last three years.
As part of the announcement earlier this year, bosses of the chain added that the reduction in revenue caused by the enforced closure of all restaurants, the cost of reopening and the UK’s uncertain economic future meant its rental costs were no longer sustainable.
Pizza Express, which is majority owned by Chinese firm Hony Capital, also confirmed in August that it had hired advisers from Lazard to lead a sale process for the business.
More to follow…