Hereford Voice Posted August 18, 2020 Report Share Posted August 18, 2020 The company had warned at the start of August that it was considering such a move, but had not given precise details. The closures come as the company formally launched a CVA in a bid to restructure the Group and keep it afloat. The company, which currently has around 454 restaurants in the UK, said on Tuesday it has finalised a proposal to reduce its restaurant and rental costs via a company voluntary arrangement (CVA). It said 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. It 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 it had hired advisers from Lazard to lead a sale process for the business. Here is the full list: Aberdeen - Belmont Street Aylesbury Barnstaple - Three Tuns Biggleswade Billericay Birmingham - Corporation Street Birmingham - Mailbox Bournemouth - Post Office Road Bramhall Bristol - Berkeley Square Bristol - Regent Street Bromsgrove Bruton Place Charlotte Street Chippenham Dalton Park Darlington Dudley - Merry Hill Earls Court - Earls Court Road Edinburgh - Holyrood Formby Fulham Palace Road Glasgow – Princes Square Glossop Gosforth Grantham Halifax Hampstead Hatch End Hereford Heswall Ipswich - Lloyds Avenue Leeds - Crown Street Leeds - Horsforth Ludlow Lymington Melton Mowbray Midhurst Milton Keynes Moseley New Brighton Newcastle Newport - Isle of Wight Newport - South Wales Northallerton Nottingham - Goosegate O2 Finchley Orpington Oxford - Oxford Castle Poole Port Solent Ramsgate Reading - St Mary's Butts Scarborough Sheffield - Devonshire Street Sheffield The Moor Shirley Southport - Old Bank Stafford Staines Stoke Stourbridge Sudbury Torquay Uxbridge Wakefield Walsall Wapping Wardour Street Weston-super-Mare Whiteley Village Whitstable Wrexham Quote Link to comment Share on other sites More sharing options...
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