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Its owner, Chinese group Hony Capital, annoucned that it would put £80m into the chain in November to buy back debt that is owed to bondholders in 2022. Pizza Express also confirmed it had hired advisers from Lazard to lead a sale process for the business. About 2,400 Pizza Express employees have now been made redundant in the UK since the start of August 2020. Want an ad-free experience?Subscribe to Independent Premium. The move will see the chain shut its branches in The Strand in Torquay and the Grade II* Listed Three Tuns building in Barnstaple's High Street (pictured). The market doesn't believe that Pizza Express will fully pay off its £600m debt, according to Fiona Cincotta, an analyst at City Index. She tole Wake Up to Money investors were currently buying the restaurant chain's debt for 84p in the pound, a sign that they are expecting the company to try to negotiate with its creditors. That is down from 95p a year ago, she said. Some £665m is owed to bondholders, which must start being paid in 2021. The chain has announced is to close 73 of its UK restaurants with the potential loss of 1,100 jobs. New restrictions across much of the UK and the threat of another national lockdown have forced restauranteurs to again look at cutting costs. Adipisci praesentium totam ex earum quae. Maxime voluptatem impedit quia at eos. You can also choose to be emailed when someone replies to your comment. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. "We have downgraded the ratings of Pizza Express because we expect the recent actions of the company's shareholders make a restructuring of the company's debt highly likely," said Moody's senior credit officer and lead analyst for Pizza Express David Beadle. "We believe that this difficult decision will give us more resilience through the next six months and help us to continue serving our customers in our restaurants and at home in the years ahead.". NewsNow aims to be the world's most accurate and comprehensive aggregator of Pizza Express news, covering the latest company, restaurant, financial news and more from the best online news publications. The cash from Chinese owner Hony Capital will be used to pay down debt owed to bondholders as it grapples with tough trading conditions. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. And separately, ratings agency Moody's has downgraded restaurant chain Pizza Express from a Caa1 rating to a Caa3 rating. Pizza Express has reportedly hired financial advisers ahead of a meeting with lenders to review its debt situation. "But we've also seen in this space private equity really wade into the dining space, and they fueled expansion...and that led to an over-saturated market at a time when people are actually staying at home, ordering by Deliveroo, Uber Eats or Just Eat, preferring to dine at home, and that's put a lot of pressure on restaurants. Another private equity group, Hony Capital, increased the company’s debt further after buying it from Cinven in 2014. Lifestyle . Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. It comes weeks after the firm said it would cut 1,100 jobs and shut 73 restaurants as coronavirus hits trading. Celebrity chef Jamie Oliver is to open more restaurants abroad, six months after he was forced to close most of his UK operations. She said that Pizza Express is paying £93m a year just to service its debt. Pizza Express to close almost 70 restaurants, You may not agree with our views, or other users’, but please respond to them respectfully, Swearing, personal abuse, racism, sexism, homophobia and other discriminatory or inciteful language is not acceptable, Do not impersonate other users or reveal private information about third parties, We reserve the right to delete inappropriate posts and ban offending users without notification. But last night it tweeted that it was glad to still be "kneaded". The casual dining chain is also hoping to renegotiate a £20m corporate overdraft due to be repaid in nine months. Two Pizza Express branches in Devon are among 73 UK restaurants to close, the company has confirmed. PHP, Laravel. Pizza Express appears to have responded to the reports that it has reportedly hired financial advisers ahead of a meeting with lenders to review its debt situation. Beyond pizza, there are cookies – we use the non-edible kind on this site. Neither of Jersey's Pizza Express outlets are facing closure or job losses. The chain, which at the moment has 454 UK outlets, said it had cut a deal to reduce rent costs. Obituaries. Pizza Express's balance sheet has been boosted by £80m, according to the Telegraph. Pizza Express is cutting around 1,300 more jobs across its UK restaurants after recent trading worsened in the face of tightened restrictions. Restaurants have struggled to recover from the lockdown imposed between March and May, with thousands of redundancies announced by dozens of chains since the pandemic began. “Unfortunately, the recent increase in Covid-19 cases is again causing footfall to decline across the UK,” Ms Bowley said. News. Want to bookmark your favourite articles and stories to read or reference later? Pizza Express already had problems before coronavirus, namely the high interest payments on its £1bn debt pile. The most insightful comments on all subjects will be published daily in dedicated articles. The chain, which at the moment has 454 UK outlets, said it had cut a deal to reduce rent costs. Our blog. It comes just two months after the chain announced plans to cut 1,100 jobs and close 73 branches as part of a restructuring deal. Pizza Express reveals its new CEO and chairman. Rund um Pizza, Pasta, Crocs & mehr.. News. It said although most of its restaurants have been profitable over the past three years, earnings had been declining. Are you sure you want to mark this comment as inappropriate? "Our people remain at the heart of our business and we are doing what we can to support those who are affected. Restaurant chain announces fresh round of redundancies just weeks after previous cuts, Find your bookmarks in your Independent Premium section, under my profile. “Restaurants are suffering from the same high rents, business rates, staff costs and other pressures that have weighed on the high street," Maike Currie, investment director at Fidelity International told BBC Radio 5 Live's Wake Up to Money programme.

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