Monday, February 26

Pizza Hut to slash 450 jobs in UK


 

 

Pizza Hut has announced plans to close more than one in 10 of its restaurants in Britain, putting around 450 jobs at risk.

The pizza chain confirmed 29 branches will shut across the UK as part of a restructuring deal, in the latest in a wave of closures and job losses to hit UK high streets since the coronavirus struck.

The company said it is negotiating with lenders over a company voluntary arrangement (CVA), an insolvency procedure often used to avoid putting a company into full administration and re-negotiate debt repayments.

The Pizza Huts Restaurant Group said COVID-19 had caused “significant disruption,” and that sales were not expected to “fully bounce back” until next year despite re-opening branches.

But the company said in a statement the measures could help save around 5,000 jobs at the rest of its 244 UK restaurants. Jobs at Pizza Hut Delivery and other linked franchises will not be affected.

It comes after another leading UK pizza chain, Pizza Express, also announced plans to close 73 restaurants this week. Around 1,100 jobs could be lost after it also reached a CVA deal.