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| Pizza Express to close 73 outlets hitting 1,100 jobs | Pizza Express to close 73 outlets hitting 1,100 jobs |
| (about 3 hours later) | |
| Pizza Express is to close 73 of its UK restaurants with the potential loss of 1,100 jobs. | Pizza Express is to close 73 of its UK restaurants with the potential loss of 1,100 jobs. |
| The chain, which at the moment has 454 UK outlets, said it had cut a deal to reduce rent costs. | The chain, which at the moment has 454 UK outlets, said it had cut a deal to reduce rent costs. |
| It said although most of its restaurants have been profitable over the past three years, earnings had been declining. | It said although most of its restaurants have been profitable over the past three years, earnings had been declining. |
| Pizza Express also confirmed it had hired advisers from Lazard to lead a sale process for the business. | Pizza Express also confirmed it had hired advisers from Lazard to lead a sale process for the business. |
| It is currently majority owned by Chinese firm Hony Capital. | |
| Zoe Bowley, Pizza Express's managing director for the UK and Ireland, said: "Unfortunately, the impact of the global pandemic has meant that we have had to make some incredibly tough decisions to safeguard Pizza Express for the long term." | Zoe Bowley, Pizza Express's managing director for the UK and Ireland, said: "Unfortunately, the impact of the global pandemic has meant that we have had to make some incredibly tough decisions to safeguard Pizza Express for the long term." |
| Ms Bowley said that in most cases, the stores selected for closure are near to another Pizza Express that has already reopened or will be reopening soon. | Ms Bowley said that in most cases, the stores selected for closure are near to another Pizza Express that has already reopened or will be reopening soon. |
| She added that the process "will protect the jobs of over 9,000 of our colleagues". | She added that the process "will protect the jobs of over 9,000 of our colleagues". |
| The outlets to close are: | The outlets to close are: |
| Aberdeen, Belmont St | Aberdeen, Belmont St |
| Aylesbury | Aylesbury |
| Barnstaple, Three Tuns | Barnstaple, Three Tuns |
| Biggleswade | Biggleswade |
| Billericay | Billericay |
| Birmingham, Corporation St | Birmingham, Corporation St |
| Birmingham, Mailbox | Birmingham, Mailbox |
| Bournemouth, Post Office Road | Bournemouth, Post Office Road |
| Bramhall | Bramhall |
| Bristol, Berkeley Square | Bristol, Berkeley Square |
| Bristol, Regent Street | Bristol, Regent Street |
| Bromsgrove | Bromsgrove |
| Bruton Place, London | Bruton Place, London |
| Charlotte Street, London | Charlotte Street, London |
| Chippenham | Chippenham |
| Dalton Park | Dalton Park |
| Darlington | Darlington |
| Dudley, Merry Hill | Dudley, Merry Hill |
| Earls Court, Earls Court Road, London | Earls Court, Earls Court Road, London |
| Edinburgh, Holyrood | Edinburgh, Holyrood |
| Formby | Formby |
| Fulham Palace Road, London | Fulham Palace Road, London |
| Glasgow, Princes Square | Glasgow, Princes Square |
| Glossop | Glossop |
| Gosforth | Gosforth |
| Grantham | Grantham |
| Halifax | Halifax |
| Hampstead, London | Hampstead, London |
| Hatch End | Hatch End |
| Hereford | Hereford |
| Heswall | Heswall |
| Ipswich, Lloyds Avenue | Ipswich, Lloyds Avenue |
| Leeds, Crown Street | Leeds, Crown Street |
| Leeds, Horsforth | Leeds, Horsforth |
| Ludlow | Ludlow |
| Lymington | Lymington |
| Melton Mowbray | Melton Mowbray |
| Midhurst | Midhurst |
| Milton Keynes, Hub | Milton Keynes, Hub |
| Moseley | Moseley |
| New Brighton | New Brighton |
| Newcastle | Newcastle |
| Newport, Isle of Wight | Newport, Isle of Wight |
| Newport, South Wales | Newport, South Wales |
| Northallerton | Northallerton |
| Nottingham, Goosegate | Nottingham, Goosegate |
| O2 Finchley, London | O2 Finchley, London |
| Orpington | Orpington |
| Oxford, Oxford Castle | Oxford, Oxford Castle |
| Poole | Poole |
| Port Solent | Port Solent |
| Ramsgate | Ramsgate |
| Reading, St Mary's Butts | Reading, St Mary's Butts |
| Scarborough | Scarborough |
| Sheffield, Devonshire Street | Sheffield, Devonshire Street |
| Sheffield, The Moor | Sheffield, The Moor |
| Shirley | Shirley |
| Southport, Old Bank | Southport, Old Bank |
| Stafford | Stafford |
| Staines | Staines |
| Stoke | Stoke |
| Stourbridge | Stourbridge |
| Sudbury | Sudbury |
| Torquay | Torquay |
| Uxbridge | Uxbridge |
| Wakefield | Wakefield |
| Walsall | Walsall |
| Wapping | Wapping |
| Wardour Street, London | Wardour Street, London |
| Weston-super-Mare | Weston-super-Mare |
| Whiteley Village | Whiteley Village |
| Whitstable | Whitstable |
| Wrexham | Wrexham |
| 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. |
| The government has been running its Eat Out to Help Out scheme in August to try to help revive the flagging UK hospitality sector. | The government has been running its Eat Out to Help Out scheme in August to try to help revive the flagging UK hospitality sector. |
| Diners used the Eat Out to Help Out scheme more than 35 million times in its first two weeks. | Diners used the Eat Out to Help Out scheme more than 35 million times in its first two weeks. |
| Pizza Express has been taking part in the scheme, and has been reopening restaurants that had been temporarily closed to participate. | Pizza Express has been taking part in the scheme, and has been reopening restaurants that had been temporarily closed to participate. |