Is Teddington's Pizza Express at risk of closure?
By The Editor
5th Nov 2021 | Local News
The Pizza Express restaurant in Teddington could be forced to close permanently when the coronavirus lockdown is fully lifted, according to reports.
The struggling restaurant chain has currently closed all of its 470 branches, with some open for delivery only. The Pizza Express restaurants in Twickenham and Richmond are also closed.
But it's understood the company could now close some or all of its loss-making restaurants, according to media reports today.
This will be possible if the business is restructured via a Company Voluntary Arrangement (CVA). It's unclear exactly how many restuarants would be permanetly closed.
It is understood that before March less than 10 branches were loss-making. But the virus outbreak is likely to have made the firm's financial situation worse.
The Chinese-owned chain, which employs 14,000 people globally, has a debt of £1.1billion and it has asked debtors if it can delay its 2019 results.
It was launched in London in 1965 by restaurateur Peter Boizot and in 2014 it was bought by Hony Capital, a Chinese private equity group.
On March 23rd Pizza Express closed all of its restaurants for takeaway and delivery in line with government rules.
Last week it reopened 13 London restaurants for delivery only.
In November last year the firm was forced to deny rumours it was planning on closing restaurants.
It said there were no plans to shut outlets in the UK and Ireland - despite fears it was on the verge of collapse.
But it did admit trading conditions in the casual dining sector were tough amid Brexit uncertainty and "fragile" consumer confidence.
Pizza Express is not the only high street restaurant suffering. Last week it was rumoured Bella Italia and Cafe Rouge were on the verge of administration.
Last week Teddington Nub News revealed that the long-established family shoe business Johnson Shoes, which has stores in Broad Street, Teddington and Twickenham has gone into administration.
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