Nationwide franchise, Pizza Express, may be the latest major high street name to close, despite having over 470 branches across the country.
The pizza chain racked up large debts that worked out to around £1.6 million per restaurant at the end of last year, which is threatening the future of the company. After suffering a 7.7% drop in profits this year, the owners of the restaurant group have hired financial advisers before they get into talks with creditors.
The company, which was launched 54 years ago, has not been keeping their financial struggles a secret in recent years, and their current group chairman, Jinlong Wang, has said: “In the first half of the year, we are pleased that we have remained resilient across all our markets despite sector-wide challenges.”
Pizza Express has recently reported a 0.5% . rise in total sales for the UK and Ireland with like-for-like sales staying relatively steady at 0.2% up.
Due to the fact that they are a restaurant that many enjoy dining in, opinions on the potential folding of Pizza Express vary. We spoke to some Bournemouth locals about their thoughts on the situation and whether they would miss the franchise.
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