A CVA would make Pizza Hut the latest chain to resort to a formal restructuring, Sky News learns
Pizza Hut has become the latest restaurant chain to put a financial restructuring on the menu by hiring advisers to explore the possibility of an insolvency agreement that could entail significant job losses.
Sky News has learnt that Pizza Hut Restaurants, which employs thousands of people in Britain, has instructed Alvarez & Marsal, the professional services firm, to examine the merits of a company voluntary arrangement (CVA).
Sources said that a final decision had yet to be taken by the chain but that a CVA was “a distinct possibility”.
It is unclear how many sites or jobs might be at risk under any restructuring process.
Pizza Hut traded from 244 restaurants in the UK prior to the coronavirus outbreak, the vast majority of which have since reopened.
213 of its restaurants will be trading by 10 August, with a view to reopening the remainder as soon as possible, the company said on Wednesday…
Main image: Saint George’s Walk, Croydon, United Kingdom. Photo by Oliver Needham on Unsplash