Pizza Express is at Risk of Going into Liquidation After Massive Loss in Last Year’s Profit.
It’s a sad time for chain restaurants as we recently said goodbye to an empire of restaurants, from Jamie’s Italian to the reduction of branches such as Byron, Gourmet Burger Kitchen, and now we could be seeing Pizza Express closing its doors.
With society growing ever more in demand for edgier, quirkier food, independent restaurants are slowly on the incline, leaving chain restaurants with empty tables.
With Pizza Express being one of the latest restaurants to face backlash and lack of custom, according to reports, the Italian Pizza Restaurant has been forced to call in financial advisors to discuss their rising debts with creditors.
Sources say that the Pizza chain has racked up a whopping £1.1 billion of debt towards the end of last year. That’s averaging an incredible £1.6 million per restaurant in the UK!
Reports has emerged stating that Pizza Express has struggled with rising costs and ‘Change of consumer habits.’
A spokesperson for Pizza Express told Hull Daily Mail, ‘We are not commenting on the speculation about Pizza Express appointing Creditors.’
It’s becoming ever more difficult to attend the needs of consumers nowadays as more and more isolated dietary requirements are becoming all too common. Standard restaurant chains cannot cope with the demand and sadly the likes of food halls and markets that cater to various world street food are the businesses catching the Millennial customers eyes.