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Sliced up: PizzaExpress taken over by bondholders

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Food chain: A pedestrian looks in the window of a PizzaExpress restaurant in London. Photo: Jason Alden/Bloomberg

Food chain: A pedestrian looks in the window of a PizzaExpress restaurant in London. Photo: Jason Alden/Bloomberg

Food chain: A pedestrian looks in the window of a PizzaExpress restaurant in London. Photo: Jason Alden/Bloomberg

PizzaExpress creditors have approved a company proposal to cut rents and shut 73 outlets as part of the chain's effort to fix its finances amid the economic slump.

The plan will put 1,100 jobs at risk at the UK restaurant chain. The related Milano restaurant chain in Ireland is not affected.

Almost 90pc of the creditors and most landlords supported a so-called Company Voluntary Arrangement proposed by the company, according to a regulatory filing that was made yesterday.

The deal paves the way for a restructuring which will see owner Hony Capital ceding control of the business to bondholders, except in China.

The firm said there are currently 355 restaurants that were open in the UK and that more than 30 were scheduled to reopen in the coming weeks.

Bloomberg

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