Pizza Express is the sixth most popular dining brand in the UK according to YouGov with only Greggs, Wetherspoons, McDonald’s, Pizza Hut and Subway more popular.
Why then are we hearing rumours of them likely to close?
Reports this week claim that Pizza Express have had to bring advisers in ahead of talks with creditors as they are sitting on a debt worth around £1.1billion! The equivalent of £1.6m for each of its 470 restaurants.
The restaurant chain has been on the high street for over 50 years and reportedly have until August 2022 to repay £655.6million of debt.
For Pizza Express to survive it is likely that some of the less profitable stores will close, leading to the loss of jobs and landlords being asked to reduce renting rates on locations.
