Pizza Hut is set to close 29 restaurants and shed 450 jobs through a voluntary company restructuring according to reports today.
The UK franchise operation is seeking landlord approval for a company voluntary arrangement (CVA) and intends to switch to a model based on turnover per site at its 245 outlets.
The CVA only applies to the Pizza Hut restaurant chain, according to Sky News, which is a separate entity to the delivery only business of Pizza Hut UK.
Landlords have been hit by a wave of CVAs since the coronavirus lockdown really started to bite and Pizzas Hut Restaurants’ move comes just days after rival Pizza Express announced it would close 73 restaurants with the loss of 1,100 jobs as part of a financial restructuring.
Chancellor Rishi Sunak introduced the Eat Out to Help Out scheme to help restaurants and bars recover from the impact of COVID-19 on the sector.
The scheme has been hailed as a great success but there are fears for what will happen now that has finished and many are banking on a return to more normal trading over Christmas to help tide them through the traditionally quiet January and February period.
Shares in pubs and restaurant owners came under renewed pressure today on reports that the UK government is planning to announce new restrictions on social gatherings that will limit the number of people allowed to meet to six.