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| Pizza Express may close 67 outlets and cut 1,100 jobs | Pizza Express may close 67 outlets and cut 1,100 jobs |
| (about 4 hours later) | |
| Pizza Express is considering closing 67 of its UK restaurants, which would mean the loss of 1,100 jobs. | Pizza Express is considering closing 67 of its UK restaurants, which would mean the loss of 1,100 jobs. |
| The chain is the latest High Street outlet to undertake a restructuring of its business after trading was halted by the coronavirus pandemic. | The chain is the latest High Street outlet to undertake a restructuring of its business after trading was halted by the coronavirus pandemic. |
| The news comes just a day after the government launched its Eat Out to Help Out plan to boost the restaurant trade. | The news comes just a day after the government launched its Eat Out to Help Out plan to boost the restaurant trade. |
| Pizza Express would not say which of its 449 UK outlets were possible targets for closure. | Pizza Express would not say which of its 449 UK outlets were possible targets for closure. |
| It currently has 166 restaurants open, all of which are taking part in Chancellor Rishi Sunak's £10 off meal deal. | It currently has 166 restaurants open, all of which are taking part in Chancellor Rishi Sunak's £10 off meal deal. |
| All its UK outlets had been closed since lockdown began on 23 March. They began reopening in July when lockdown rules were eased. | All its UK outlets had been closed since lockdown began on 23 March. They began reopening in July when lockdown rules were eased. |
| Pizza Express said in Tuesday's statement that customer demand had been "encouraging" at the restaurants which had reopened and that plans for further re-openings were well underway. | Pizza Express said in Tuesday's statement that customer demand had been "encouraging" at the restaurants which had reopened and that plans for further re-openings were well underway. |
| The company said restructuring the business would put it on a stronger financial footing in the new socially distanced environment. | The company said restructuring the business would put it on a stronger financial footing in the new socially distanced environment. |
| If all 67 outlets are closed, that would mean the loss of 15% of its restaurants, but it said the final outcome was yet to be decided. | If all 67 outlets are closed, that would mean the loss of 15% of its restaurants, but it said the final outcome was yet to be decided. |
| 'Sad' | 'Sad' |
| Zoe Bowley, UK and Ireland managing director for Pizza Express, said that while the financial restructuring would be a "positive step forward", the closures would be "incredibly sad for our Pizza Express family and we will do everything we can to support our teams at this time". | Zoe Bowley, UK and Ireland managing director for Pizza Express, said that while the financial restructuring would be a "positive step forward", the closures would be "incredibly sad for our Pizza Express family and we will do everything we can to support our teams at this time". |
| Many took to social media to comment. Some blamed investors for being greedy, while others said High Street chains needed more help: | |
| Not all were sorry to see it go: | |
| The Woking branch, which Prince Andrew referenced during his interview about his links to Jeffrey Epstein, was singled out for a number of wry remarks: | |
| Previously, Pizza Express has said the majority of its restaurants are profitable. | Previously, Pizza Express has said the majority of its restaurants are profitable. |
| Pizza Express has heavy debts and last year was known to have started talks to put its debts of more than £1bn on more favourable terms. | Pizza Express has heavy debts and last year was known to have started talks to put its debts of more than £1bn on more favourable terms. |
| It is expected to announce a Company Voluntary Arrangement (CVA) in the near future, which is an insolvency procedure that allows a company with debt problems to reach agreement with creditors regarding payment of all, or part of its debts. | It is expected to announce a Company Voluntary Arrangement (CVA) in the near future, which is an insolvency procedure that allows a company with debt problems to reach agreement with creditors regarding payment of all, or part of its debts. |
| A brief history of Pizza Express | A brief history of Pizza Express |
| 1965: Pizza Express founder, the late Peter Boizot, brought a pizza oven from Napoli and a chef from Sicily to open his first restaurant in London's Soho. | 1965: Pizza Express founder, the late Peter Boizot, brought a pizza oven from Napoli and a chef from Sicily to open his first restaurant in London's Soho. |
| 1992: Mr Boizot grew his empire over the following almost-three decades before selling it for £15m to Hugh Osmond and Luke Johnson, the man who was - until recently - chairman of Patisserie Valerie. They floated it on the stock market the next year and ultimately sold out in 1997 when it was worth £150m. | 1992: Mr Boizot grew his empire over the following almost-three decades before selling it for £15m to Hugh Osmond and Luke Johnson, the man who was - until recently - chairman of Patisserie Valerie. They floated it on the stock market the next year and ultimately sold out in 1997 when it was worth £150m. |
| 2003: It was taken private again in a £278m deal by two private equity firms who then floated it two years later - although it lasted less than a year on the public markets before it was returned to private equity hands. | 2003: It was taken private again in a £278m deal by two private equity firms who then floated it two years later - although it lasted less than a year on the public markets before it was returned to private equity hands. |
| 2014: It changed hands again, this time to be acquired for £900m by its current owner, Chinese private equity house Hony Capital. | 2014: It changed hands again, this time to be acquired for £900m by its current owner, Chinese private equity house Hony Capital. |
| 2020: It has more than 600 restaurants globally: 454 in the UK, including five franchises; 19 in Ireland; 24 in Hong Kong; 6 in Singapore; 14 in UAE; 60 in China; and 49 other international sites operated by franchisees. | 2020: It has more than 600 restaurants globally: 454 in the UK, including five franchises; 19 in Ireland; 24 in Hong Kong; 6 in Singapore; 14 in UAE; 60 in China; and 49 other international sites operated by franchisees. |
| Andy Pellington, group chief finance officer at Pizza Express, said: "While we have had to make some very difficult decisions, none of which has been taken lightly, we are confident in the actions being taken to reduce the level of debt, create a more focused business and improve the operational performance, all of which puts us in a much stronger position." | Andy Pellington, group chief finance officer at Pizza Express, said: "While we have had to make some very difficult decisions, none of which has been taken lightly, we are confident in the actions being taken to reduce the level of debt, create a more focused business and improve the operational performance, all of which puts us in a much stronger position." |
| Julian Cox, partner at law firm BLM said: "Pizza Express is yet another household name that has been pushed to the brink by Covid-19. | Julian Cox, partner at law firm BLM said: "Pizza Express is yet another household name that has been pushed to the brink by Covid-19. |
| "Whilst the government has attempted to encourage people through the doors with 'Eat Out to Help Out', the initiative is clearly not going to be enough to protect the sector in the long term." | "Whilst the government has attempted to encourage people through the doors with 'Eat Out to Help Out', the initiative is clearly not going to be enough to protect the sector in the long term." |
| We're only a few days into August, and already nearly 4,500 jobs have been lost as the furlough scheme starts to wind down. | |
| Here, courtesy of the Press Association news agency, is a list of major employers that have announced that jobs will be lost, or are at risk, since the start of the pandemic. | |
| August 4: Dixons Carphone - 800 | |
| August 4: Pizza Express - 1,100 at risk | |
| August 3: Hays Travel - up to 878 | |
| August 3: DW Sports - 1,700 at risk | |
| July 31: Byron - 651 | |
| July 30: Pendragon - 1,800 | |
| July 29: Waterstones - unknown number of head office roles | |
| July 28: Selfridges - 450 | |
| July 27: Oak Furnitureland - 163 at risk | |
| July 23: Dyson - 600 in UK, 300 overseas | |
| July 22: Mears - fewer than 200 | |
| July 20: Marks & Spencer - 950 at risk | |
| July 17: Azzurri Group (owns Zizzi and Ask Italian) - up to 1,200 | |
| July 16: Genting - 1,642 at risk | |
| July 16: Burberry - 150 in UK, 350 overseas | |
| July 15: Banks Mining - 250 at risk | |
| July 15: Buzz Bingo - 573 at risk | |
| July 14: Vertu - 345 | |
| July 14: DFS - up to 200 at risk | |
| July 9: General Electric - 369 | |
| July 9: Eurostar - unknown number | |
| July 9: Boots - 4,000 | |
| July 9: John Lewis - 1,300 at risk | |
| July 9: Burger King - 1,600 at risk | |
| July 7: Reach (owns Daily Mirror and Daily Express newspapers) - 550 | |
| July 6: Pret a Manger - 1,000 at risk | |
| July 2: Casual Dining Group (owns Bella Italia and Cafe Rouge) - 1,909 | |
| July 1: SSP (owns Upper Crust) - 5,000 at risk | |
| July 1: Arcadia (owns TopShop) - 500 | |
| July 1: Harrods - 700 | |
| July 1: Virgin Money - 300 | |
| June 30: Airbus - 1,700 | |
| June 30: TM Lewin - 600 | |
| June 30: Smiths Group - "some job losses" | |
| June 25: Royal Mail - 2,000 | |
| June 24: Jet2 - 102 | |
| June 24: Swissport - 4,556 | |
| June 24: Crest Nicholson - 130 | |
| June 23: Shoe Zone - unknown number of jobs in head office | |
| June 19: Aer Lingus - 500 | |
| June 17: HSBC - unknown number of jobs in UK, 35,000 worldwide | |
| June 15: Jaguar Land Rover - 1,100 | |
| June 15: Travis Perkins - 2,500 | |
| June 12: Le Pain Quotidien - 200 | |
| June 11: Heathrow - at least 500 | |
| June 11: Bombardier - 600 | |
| June 11: Johnson Matthey - 2,500 | |
| June 11: Centrica - 5,000 | |
| June 10: Quiz - 93 | |
| June 10: The Restaurant Group (owns Frankie and Benny's) - 3,000 | |
| June 10: Monsoon Accessorise - 545 | |
| June 10: Everest Windows - 188 | |
| June 8: BP - 10,000 worldwide | |
| June 8: Mulberry - 375 | |
| June 5: Victoria's Secret - 800 at risk | |
| June 5: Bentley - 1,000 | |
| June 4: Aston Martin - 500 | |
| June 4: Lookers - 1,500 | |
| May 29: Belfast International Airport - 45 | |
| May 28: Debenhams (in second announcement) - "hundreds" of jobs | |
| May 28: EasyJet - 4,500 worldwide | |
| May 26: McLaren - 1,200 | |
| May 22: Carluccio's - 1,000 | |
| May 21: Clarks - 900 | |
| May 20: Rolls-Royce - 9,000 | |
| May 20: Bovis Homes - unknown number | |
| May 19: Ovo Energy - 2,600 | |
| May 19: Antler - 164 | |
| May 15: JCB - 950 at risk | |
| May 13: Tui - 8,000 worldwide | |
| May 12: Carnival UK (owns P&O Cruises and Cunard) - 450 | |
| May 11: P&O Ferries - 1,100 worldwide | |
| May 5: Virgin Atlantic - 3,150 | |
| May 1: Ryanair - 3,000 worldwide | |
| April 30: Oasis Warehouse - 1,800 | |
| April 29: WPP - unknown number | |
| April 28: British Airways - up to 12,000 | |
| April 23: Safran Seats - 400 | |
| April 23: Meggitt - 1,800 worldwide | |
| April 21: Cath Kidston - 900 | |
| April 17: Debenhams - 422 | |
| March 31: Laura Ashley - 268 | |
| March 30: BrightHouse - 2,400 at risk | |
| March 27: Chiquito - 1,500 at risk. |