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Pizza Hut announces 29 restaurants are closing for good as 450 jobs put at risk

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29.09.2020 - 18:37

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restaurants will remain open and in turn save 5,000 jobs. However, 29 underperforming branches will go ahead with the closure and now 450 jobs are at risk.A CVA is an agreement between a company that has run out of money and its creditors, and eases pressure from its creditors like landlords, the HMRC and Pension Protection Fund.

It allows a company to exit leases on unprofitable stores and better terms are agreed with landlords.The CVA only affects Pizza Hut franchises, not the Pizza Hut Delivery businesses, which operate separately to the restaurants.Without the extra funding, the chain would have collapsed.

A CVA can only be passed and granted by the courts if a business can prove it will face administration without the support.However,.

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