Pizza Express creditors approve CVA

Troubled dining chain Pizza Express is set to close 73 of its 449 restaurants after its company voluntary arrangement was approved by its creditors. More than 89% of creditors voted in favour of the CVA, exceeding the required 75% majority. The restructuring will result in around 1,100 job losses. The company said that 335 of its restaurants in the UK are open and trading. Pizza Express stated: “The directors of Pizza Express thank its creditors for their support during this period and look forward to ongoing partnership as the hospitality industry recovers to growth. “The CVA is a key component of a wider financial restructuring which will strengthen the business for the future. “The successful vote unlocks the company’s ability to actively address the challenges brought by Covid-19, securing over 9,000 jobs in the UK.” The chain has also hired advisers from Lazard to find a buyer for the business. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette Image © Maureen McLean/Shutterstock