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Insider UK
Insider UK
Lifestyle
Hamish Burns

Pizza Express to close three restaurants in Scotland permanently

Three Pizza Express restaurants in Scotland are among 73 that are to close for good under a CVA agreement to keep the business afloat.

The branches at Belmont Street in Aberdeen, Holyrood in Edinburgh and Princes Square in Glasgow will not reopen.

The company said the majority of its 454 UK restaurants were profitable before lockdown but that earnings had been declining across the estate for the last three years.

The company, which has around 454 restaurants in the UK, confirmed it has finalised a cost-cutting proposal to put before creditors on September 4. Its CVA, or company voluntary arrangement, puts 1,100 jobs at risk.

Most cases of the branches slated for closure are near to another Pizza Express that has already reopened or will be reopening soon.

Pizza Express, which is majority owned by Chinese firm Hony Capital, has also hired advisers from Lazard to lead a sale process for the business.

Zoe Bowley, Pizza Express's managing director for the UK and Ireland, said "Unfortunately, the impact of the global pandemic has meant that we have had to make some incredibly tough decisions to safeguard Pizza Express for the long term."

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