Pizza Hut has been preserved, after its landlord agreed to the terms of a restructuring plan.
Even after the chain survives, 29 branches will be forced to close after the restaurant loses its carnivirus gain.
The landlords of Pizza Hut today agreed to cut rents at the branches as part of an insolvency process known as the company’s voluntary system (CVA).
The deal means 215 pizza hut restaurants will save 5,000 trades trading Today’s move won’t affect takeaways.
If no vote was passed, the discipline could be broken without spending extra money – because a CVA that could face the administration without the help of an agency could only be approved by the court.
A Pizza Hut restaurant spokesman said: “We are delighted to have reached such a constructive position in partnering with our landlords and creditors.
“We appreciate the support of all involved and this result provides us with a powerful platform to secure the long-term future of the business, with over 5,000 years of employment and more than 200 restaurants.
“Our focus now on ‘business as usual’ is to support all of our team members and continue to provide cove-safe restaurant experiences for our guests.”
The latest restaurant cheese to try off the site, including Pizza Extra, Ohaka, Wasabi, Byron and Eo, is Pizza Hot! Suvi uses all CVA processes.
Retailers also rely on insight forms, including New Look, signing rental agreements on a sales basis rather than a certain amount.
Earlier this month, Pizza Hut said it had put forward CVA proposals because “sales are not expected to fully return by 2021” even after the sites re-launched quickly and safely.
Revel Pizza Express confirmed this month that it will close 73 restaurants at a loss of 1,100 jobs after its own CVA contract is approved by creditors.
Following the CVA results on Monday, the full list of Pizza Hut stores is expected to close:
- Basingstoke Real Park
- Brighton City Center
- Burn St. Edmunds
- Cambridge, Regent Street
- Cardiff, Culverhouse Cross
- Chelsford, Moulsham Street
- Croydon, North End
- Glasgow, Great Western Retail Park
- Huddersfield, John William Street
- Leicester, Highmarket
- London, Layton Mill
- London, Stratford
- Plymouth Royal Parade
- Sheffield, High Street
- Sheffield, Pennstone Road
- Thornton Cleveless
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