Pizza Express stores in Kent shiver as chain set for creditors meeting

By: Chris Britcher cbritcher@thekmgroup.co.uk

Published: 13:07, 07 October 2019

Updated: 13:45, 07 October 2019

Pizza Express is said to be the latest major restaurant chain to be struggling with the tough conditions on the high street.

The brand, which has stores in Ashford, Sevenoaks, Canterbury, Ramsgate, Bluewater, Tonbridge, Tunbridge Wells, Maidstone, Whitstable and Rochester, is understood to have appointed its financial advisors for crunch talks with its creditors.

Pizza Express has outlets across Kent - including this one in Ramsgate

It comes amid a growing mountain of debt and on-going challenges in a competitive market.

They have already seen the likes of outlets run by Jamie Oliver and Prezzo close restaurants, with Prezzo putting a Company Voluntary Agreement (CVA) in place to help it stay afloat.

Financial advisory firm Langton Capital tweeted today: "Pizza Express reportedly about to engage in talks with creditors.

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"Last seen, had £1.6m of debt per restaurant. Not sustainable."

Financial specialists Bloomberg is reporting Pizza Express has appointed financial advisor Houlihan Lokey to "prepare for talks with is creditors".

Pizza Express in Tonbridge High Street

KentOnline has contacted both Pizza Express and Houlihan Lokey for comment.