Restaurant chain Pizza Hut has agreed a company voluntary arrangement (CVA) with its creditors saving 5,000 jobs. Pizza Hut’s landlords and creditors voted in favour of the CVA.
The approval means that 29 Pizza Hut restaurants will now close, with 450 jobs at risk, while a further 215 will keep trading.
The CVA does affect its takeaway operation
A Pizza Hut Restaurants spokesperson said: “The Company Voluntary Arrangement (CVA) for Pizza Hut Restaurants, (PHR – the UK dine-in franchise business of the global Pizza Hut brand), is now approved.
“We are delighted to have reached such a constructive position in partnership with our landlords and creditors. We appreciate the support of everyone involved and this outcome provides us with a strong platform to secure the long-term future of the business, including over 5,000 jobs and over two hundred restaurants.
“Our focus is now ‘business as usual’, supporting all of our team members and continuing to provide a Covid-safe restaurant experience for our guests.”
Pizza Hut is the latest restaurant chain to attempt to push through site closures, with Pizza Express, Wahaca, Wasabi, Byron and Yo! Sushi all using the CVA process.