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CVA For Pizza Hut - 5,000 jobs Saved

Posted on Sep 28, 2020. by NTI

Was it only 9 September when the NTI newsroom hit pizza lovers where it most hurts, in the box, and told you about Pizza Hut going for a restructuring via a CVA which would save jobs all over the land? It seems like just last Friday; oh hang on, no, that was Wahaca. Apologies, it seems like just 14 September; whoops, no - our bad. That was the merging of the burgers at Byron and GBK. We'll get there; Wasabi, Yo! Sushi, Pizza Express, Patisserie Valerie, Carluccios (we are just flicking through our Rolodex to find the right card)? Is it the turn of Pizza Hut already?

News has moved on at Pizza Hut, as today (Monday 28 September) as a spokesperson announced: “The Company Voluntary Arrangement for Pizza Hut Restaurants, (PHR – the UK dine-in franchise business of the global Pizza Hut brand), is now approved." It seems it wasn't so much a question of 'would you like to see the dessert menu?', but 'eat this or die'. The CVA was the last resort for PHR, without it Alvarez & Marsal would have been unable to help the chain save almost 5,000 jobs and 200 restaurants.

Cutting through the crust, proposals to close 29 under-performing restaurants and cuts to rent bills across its remaining estate of 200 sites were agreed in a vote by creditors including landlords ...and the deal has been done. We should tell you that if you plan to celebrate with a meat feast stuffed crust, or a classic mac 'n cheese at Basingstoke Retail Park, Moulsham Street in Chelsford, John William Street in Huddersfield, Haymarket in Leicester, in Scarborough, Gravesend or Croydon you are going to have be chucked out at 10.00pm sharp at somewhere equally salburious, as those restaurants are among those to be closed permanently.

 

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