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Manolete Partners

Pizza Express landlords back insolvency package

Pizza Express moved closer yesterday to securing its future after creditors approved the first step in a restructuring that will cost up to 1,100 jobs.

Landlords voted to let the chain complete a company voluntary arrangement (CVA), an insolvency process allowing it to close 73 outlets.

The company, owned by Hony Capital, the Chinese private equity firm, said that the arrangement would strengthen the business, address the challenges brought by Covid-19 and secure more than 9,000 jobs in the UK.

Manolete Partners (LON:MANO) work alongside IPs from all of the “Big Four” through to one and two partner specialist insolvency and restructuring practices in the regions. Manolete finances the work of the Insolvency Practitioner and their lawyers to make optimal recoveries for the creditor estates and takes on all the risk.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.