PizzaExpress this morning has announced that their proposed company voluntary arrangement has been approved by its creditors.
The approval was agreed once the 75% approval line had been crossed seeing circa 90% of creditors that responded agree the move. Critically landlords voted in favour.
As previously reported, the CVA was a key component of a wider financial restructuring to ensure survival of the brand.
The vote unlocks the company’s ability to actively address the challenges brought by Covid-19, securing over 9,000 jobs in the UK. The CVA process does however see the closure of 73 restaurants, putting 1,100 jobs at risk.
There are currently 355 PizzaExpress restaurants open in the UK, with over 30 more scheduled to reopen in the coming weeks.