Pizza Hut’s creditors have agreed a deal that will see 29 of its 244 restaurants close, but protect the rest.
The chain is the latest to agree a company voluntary arrangement (CVA), a controversial form of insolvency, amid the damage to the hospitality sector caused by the coronavirus lockdown.
The deal will protect about 5,000 jobs across the sites that will stay open, but puts 450 jobs at risk at the sites that are due to close.
Pizza Hut was owned by the private equity group Rutland Partners until a management buy-out in 2018.
A Pizza Hut Restaurants spokesman said: “We are delighted to have reached such a constructive position in partnership with our landlords and creditors.
“Our focus is now ‘business as usual’ supporting all of our team members and continuing to provide a Covid-safe restaurant experience for our guests.”
Announcing the CVA process in September, Pizza Hut had said it did not expect sales to fully bounce back until well into 2021, despite many of its sites re-opening quickly once restrictions were eased.
Sites due to close include those in Brighton, Gravesend, Leicester, Sheffield and Stratford in east London.