Pizza Express could be forced to close up to two in five of its restaurants – putting thousands of jobs at risk and delivering what would be a hammer blow to Britain’s embattled casual dining sector.
The Telegraph understands that lenders fear around 40pc of the 470 Pizza Express outlets in the UK are loss-making. One source said that an option under consideration by bondholders is to enter into company voluntary arrangement (CVA) to close stores that are in the red.
Any such plan could put more than 150 restaurants and an estimated 3,300 jobs at threat.
Pizza Express employs 14,000 people globally across 620 restaurants. Like many others in the casual dining sector, it has faced falling sales …