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September 29, 2020

Pizza Hut confirms plan to close 29 UK restaurants

The owner of Pizza Hut in the UK has confirmed plans to close 29 of its restaurants in the country.

The owner of Pizza Hut in the UK has confirmed plans to close 29 of its restaurants in the country.

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by GD50 Custom
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The confirmation on the restaurant closure plan comes after the chain’s creditors voted on its company voluntary arrangement (CVA) restructuring plan.

As part of the development, Pizza Hut Restaurants, a major franchise in the UK, has reached an agreement with its landlords and other creditors for rent and bills’ reduction.

The restaurant closures are expected to put at least 450 jobs at risk. The affected branches include those in London, Glasgow and Cardiff.

A Pizza Hut Restaurants spokeswoman said: “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 200 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.”

Earlier, the company said that it was planning to close its restaurants to overcome the business disruption caused by the Covid-19 pandemic.

Prior to the pandemic outbreak, Pizza Hut Restaurants operated 244 branches in the UK with approximately 5,700 staff members.

In July, Pizza Hut decided to permanently close down all 16 stores in Greece with immediate effect.

The company decided to retreat from the Greek market as the chain’s activities in the country were no longer sustainable, following the outbreak of the pandemic.

Free Whitepaper
img

What is the impact of historically high inflation on the UK consumer landscape?

The average UK consumer is experiencing a severe cost-of living crisis as inflation surges to a forty-year high and the price of goods continues to rise. This shock is the result of the sharply increasing costs of commodities, energy, and the ongoing conflict in Ukraine, and is threatening FMCG manufacturers, retailers, and foodservice operators’ ability to survive and grow. Inflation will have a profound effect on many consumer-facing industries in 2022 and beyond. Consult GlobalData’s new whitepaper, Inflation in the UK: The Impact of Historically High Inflation on the UK Consumer Landscape, to better understand shifts in consumer behavior and their impact on spending patterns, as well as the implications for UK businesses. This whitepaper covers:  
  • Why has global inflation returned with a vengeance?
  • What is the current inflation situation in the UK?
  • What impact is inflation having on UK retail sales?
  • What tactics are businesses relying on to tackle the effects of high inflation?
  • How are consumers changing their behaviors to cope with the higher cost of living?
  • Which industry sectors are most vulnerable to reduced consumer demand?
  • How is the government responding to high inflation?
  • How long will high inflation last in the UK?
  • How can your company survive and thrive in a high inflation environment?
Enter your details here to receive your free whitepaper and ready your business for these increasingly uncertain times.
by GD50 Custom
Enter your details here to receive your free Whitepaper.

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