Pizza Hut is to become the latest major UK restaurant chain to test landlords’ appetite for transforming the basis on which it pays rent as it unveils a comprehensive financial restructuring.
Sky News has learnt that Pizza Hut Restaurants, which employs more than 5,000 people in Britain, is to propose switching to a turnover rent model, which would see it paying landlords based on revenue levels in each of its 245 outlets.
It later confirmed an intention to shut 29 of its UK sites, placing around 450 jobs at risk.
The proposals would be implemented through a company voluntary arrangement, making Pizza Hut Restaurants the latest in a string of big hospitality names to turn to insolvency mechanisms to reorient their business during the coronavirus pandemic.
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