Putney Pizza Express Survives Cull
Company announced 73 branches are to close due to unsustainable rental costs
The branch of Pizza Express on the Upper Richmond Road in East Putney has been spared the chop following the list published by the company of 73 branches to be closed, with a resulting loss of 1,100 jobs.
The company has around 450 restaurants in the UK and has made the closures as a result of a company voluntary arrangement (CVA) to reduce costs.
Most of the closures are outside London but there are some high profile ones in the capital including the branches on Wardour Street and Hampstead. The restaurants on Earls Court Road and Fulham Palace Road are also to be closed.
Pizza Express said that most of its restaurants were making profits before lockdown but earnings had already been in decline for the last three years. The uncertain economic future and the reduction in revenue meant its current level of rental cost was unsustainable. The company also confirmed it had hired advisers from Lazard to lead a sale process for the business
Pizza Express is currently majority owned by Chinese firm Hony Capital. They have hired Lazards to manage the sale of the business to new investors.