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Wed 29th Jul 2020 - Pizza Hut Restaurants latest to appoint adviser, CVA an option
Pizza Hut Restaurants latest to appoint adviser, CVA an option: Pizza Hut Restaurants has appointed an adviser as it looks set to become the latest restaurant chain to undergo a restructuring process. Sky News reports the circa 240-strong brand has instructed professional services firm Alvarez & Marsal to examine the merits of a company voluntary arrangement (CVA). Sources said a final decision had yet to be taken by the chain, which employs 5,700 people in the UK, but a CVA was a “distinct possibility”. It is unclear how many sites or jobs might be at risk under a restructuring process. A spokesman said: “Despite government support and entering lock-down from a place of strength, the cost of lock-down combined with reduced trading levels has had a substantial impact on the whole restaurant sector. Along with many other businesses we are looking at ways to minimise that financial impact while continuing to trade as usual. Whether this will require financial restructuring in the form of a CVA or otherwise is as yet undecided.” The Jens Hofma-led company plans to have 213 of its restaurants open for dine-in by Monday, 10 August, with a view to reopening the remainder as soon as possible. In April 2018, the then 260-strong Pizza Hut Restaurants was bought out by its management led by chief executive Hofma and backed by Pricoa Capital Group. It took control of the business from previous owner Rutland Partners under a franchise agreement with Yum! Brands. At the time, the company said it had a five-year growth plan that included rolling out its “fast casual” concept, which featured order and pay ahead. It had also been trialling pizza deliveries via Just Eat and expanded its unlimited lunchtime buffet offer to weekends. In response to social distancing measures, it recently introduced a “bluffet”, which sees diners served food and drink at their table.

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