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A Stuffed Crust CVA For Pizza Hut

Posted on Sep 09, 2020. by NTI

"Told you!" Tracee just screamed across the room.

"Told us what?" Billy asked her, putting down his XboxOne on which he has been playing Mafia: Definitive Edition all morning (he has been sent an illegal copy by his friend Rodriguez, ahead of the game's official launch on 25 September and tells us he is playing it as research for the NTI newsroom).

"We're a restructuring, insolvency and business services company," Neil said to him, "how is that relevant to our business?"

"It's the D.E.F.I.N.I.T.I.V.E. edition," Billy rolled his eyes in desperation. How could Neil not get that?

"Hello?" Tracee intervened. "Pizza Hut!"

"Where?" exclaimed Billy, even a definitive edition can be interrupted for a stuffed crust.

"I knew they would be next."

To be fair, Tracee has claimed that all remaining casual dining chains will hit the wall and Pizza Hut may or may not have been on the list she is saying is a sweepstake, but she is claiming points this morning as 'insiders' claim that a CVA, which is being supervised by Alvarez & Marsal, could be launched as soon as this evening (Wednesday 9 September). 

Pizza Hut Restaurants, which employs more than 5,000 people in Britain, is the (very) latest to propose switching to a turnover rent model, which would see it paying landlords based on revenue levels in each of its 245 outlets. It has confirmed an intention to shut 29 of its UK sites, placing around 450 jobs at risk. The Pizza Hut Restaurants group said it has put forward the proposals as “sales are not expected to fully bounce back until well into 2021” despite a quick and safe reopening of sites. The measures aim to protect about 5,000 jobs across its remaining restaurants as well as the 'longevity' of the business.

A spokesperson said: “We are committed to doing the right thing and, in order to secure as many jobs as possible and continue serving our communities, we are working to reach an agreement with our creditors."

Billy is determined to be the first to test this commitment and has just ordered a large 'Fat One' with a side order of jalapeno poppers. We will keep you informed.

 

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