Restaurant opposite Charing Cross Hospital one of 73 axed nationally
Pizza Express, Fulham Palace Road. Picture: Google Streetview
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The branch of Pizza Express on Fulham Palace Road directly opposite Charing Cross Hospital is on a list published by the company of branches to be closed.
It is one of 73 outlets being shuttered nationally with a resulting loss of 1,100 jobs.
The company as around 450 restaurants in the UK and has made the closures as a result of a company voluntary arrangement (CVA) to reduce costs.
Most of the closures are outside London but there are some high profile ones in the capital including the branches on Wardour Street and Hampstead. The restaurant on Earls Court Road is also to be closed.
Pizza Express said that most of its restaurants were making profits before lockdown but earnings had already been in decline for the last three years. The uncertain economic future and the reduction in revenue meant its current level of rental cost was unsustainable. The company also confirmed it had hired advisers from Lazard to lead a sale process for the business
Pizza Express is currently majority owned by Chinese firm Hony Capital. They have hired Lazards to manage the sale of the business to new investors.
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August 19, 2020
