Pizza Hut creditors and landlords earlier today voted to agree Pizza Hut’s CVA insolvency process to reduce rents on its restaurants.
The positive vote in favour of approving the CVA will see all creditors accept reduced invoices in future to help keep the pizza chain afloat.
The CVA agreement will see 215 Pizza Hut restaurant outlets stay open retainining circa 5,000 jobs, while 29 outlets will close with circa 450 jobs at risk.
The Pizza Hut outlets expected to close following the CVA agreement are:
- Basingstoke Retail Park
- Brighton City Centre
- Bury St Edmunds
- Cambridge, Regent Street
- Cardiff, Culverhouse Cross
- Chelmsford, Moulsham Street
- Croydon, North End
- Glasgow, Great Western Retail Park
- Huddersfield, John William Street
- Leicester, Haymarket
- London, Leyton Mill
- London, Stratford
- Plymouth Royal Parade
- Sheffield, High Street
- Sheffield, Penistone Road
- Thornton Cleveleys
This is the latest in a stream of CVA’s from restaurant chains and sees landlords and creditors continuing to generally vote to agree them. While the process is never ideal it does secure lower rents and ongoing payments for creditors. The bitter alternative being only more costly insolvency processes by rejecting proposals. The process has also safeguarded 5,000 jobs.
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