Pizza Express was able to permanently close the scores of its 470 British restaurants
- Pizza Express is struggling with a debt stack of £ 1.1 billion
- A restructuring process known as a CVA is one of many options
Pizza Express was able to permanently close the scores of its 470 British restaurants.
The Mail on Sunday understands that the high street chain could go through a restructuring process known as a CVA that could leave some or all of the loss-making sites and reach an agreement with creditors.
Before the coronavirus pandemic hit in March, forcing restaurants to close, fewer than ten of the chain’s UK locations were at a loss.
Pizza Express could go through a restructuring process known as a CVA
But it is clear that the crisis has forced the company to evaluate options to ensure its future viability, and a CVA is one of many options.
Pizza Express – owned by the Chinese private equity firm Hony Capital – is struggling with a debt stock of £ 1.1 billion, of which £ 665 million is owed to bondholders, and is requesting permission to postpone the publication of the results of 2019 on the advice of the financial behavior Authority.
Earlier this month, rating agency S&P said that debt restructuring was “very likely.”
Pizza Express – with 14,000 employees worldwide in 627 restaurants – declined to comment.