Up to 75 PizzaExpress sites reported to be at threat as casual dining giant looks to restructure

Up to 75 PizzaExpress sites are reported to be earmarked for closure as the casual dining giant enters negotiations with landlords.

PizzaExpress will decide how many of its 477 UK sites are to close through a Company Voluntary Arrangement (CVA) following negotiations, sources have told Sky News.

Reports of a restructure have long been rumbling, with the Financial Times suggesting the deal could see it taken over by its lenders in a debt-for-equity swap with owner Hony Capital.

Hony Capital acquired PizzaExpress in 2014 and has lent the brand around £500m, with another £607.7m owed to external creditors, according to its 2018 annual report.

The restaurant chain, which was founded in 1965 by Peter Boizot, faces a repayment bill of £465m due this year, with another £200m due in 2022.

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