Lloyds to cut hundreds of UK jobs as it revives restructuring plans

a green sign hanging off the side of a building: Photograph: Will Oliver/EPA

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Photograph: Will Oliver/EPA

More than 1,200 staff at restaurant chain Pizza Hut and high street lender Lloyds Banking Group are facing redundancy, adding to a torrent of job cuts announced amid the pandemic.

Pizza Hut is considering closing up to 29 of its 244 UK outlets with the potential loss of 450 jobs.

The main UK franchisee of the US-owned business is also seeking to cut rents, asking landlords to base payment demands on turnoverat each outlet, under a restructuring deal called a company voluntary arrangement (CVA).

The deal does not affect the Pizza Hut delivery business, which is separately owned.

High street lockdowns, social distancing rules and fears of the virus have hit trade at restaurant groups that were struggling even before lockdown restrictions, forcing them to make cutbacks.

The planned closures and redundancies follow similar moves at fellow Italian specialists Pizza Express and

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Lloyds Bank and Pizza Hut cut more than 1,000 jobs

Lloyds Banking Group and Pizza Hut are the latest firms to announce job cuts during the coronavirus pandemic.

Lloyds said it was cutting 865 jobs in areas such as insurance and wealth management as it revived plans to restructure the business.

Separately, Pizza Hut is planning to close 29 restaurants with the loss of 450 jobs.

The restaurant chain said it was part of a rescue deal “to mitigate the financial impact of Covid-19”.

A raft of businesses have announced jobs cuts and closures as consumer demand has dried up during the crisis.

British employers planned more than 300,000 redundancies in June and July alone, as the country slipped into its sharpest recession on record.

Lloyds, which has about 65,000 employees, had warned of cuts in January but put them hold until the autumn due to the crisis.

While it is cutting posts, it also said it would create 226

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Lloyds Bank to cut 865 jobs in restructuring plans made pre Covid

a person standing in front of a store: MailOnline logo

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MailOnline logo

Lloyds Bank plans to shed hundreds of jobs as it works to simplify the business after putting plans on hold for several months due to Covid-19.

The bank said it will slash 865 jobs mainly in its insurance, wealth and retail teams.

The cuts will lead to a net reduction of 639 in Lloyds’ headcount as the bank has also created 226 jobs.

a woman walking down a sidewalk in front of a store: More unemployment misery for hundreds as Lloyds Bank announces plans to cut 865 jobs. The job loss plans were put on hold in February before the pandemic hit

© Provided by Daily Mail
More unemployment misery for hundreds as Lloyds Bank announces plans to cut 865 jobs. The job loss plans were put on hold in February before the pandemic hit

Earlier on Wednesday, Lloyds indicated the job losses included 780 cuts that were announced in February but put on hold because of the pandemic.

It has now clarified the new reductions are on top of the 780 already planned.

Unite union national officer Rob MacGregor said he

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