Pizza Express prepares to close 67 restaurants

Troubled dining chain Pizza Express is planning to close 67 branches as part of a possible company voluntary arrangement.  The potential closures would affect around 15% of its 449-strong estate, resulting in 1,100 job losses. However the chain, which is majority owned by Chinese private equity firm Hony Capital, said the final outcome of its restructuring has not yet been decided. The company has also put its business up for sale, and has appointed Lazard to oversee the process. Andy Pellington, group chief finance officer, said: “While we have had to make some very difficult decisions, none of which has been taken lightly, we are confident in the actions being taken to reduce the level of debt, create a more focused business and improve the operational performance, all of which puts us in a much stronger position.” To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette Photo © Maureen McLean/Shutterstock