According to reports published, the famous PizzaExpress is calling in financial advisors to help them conduct talks with their creditors over huge debts.
The British Restaurant chain’s current debts stand at an astonishing 65 million Euros. What’s more shocking is that this debt amounted to a staggering 1.1 billion Euros at the end of the last year, which can be distributed as 1.6 million Euros in each of its restaurants.
Houlihan Lokey Inc is a team of pro financial advisors that have been hired by the company to help them conduct the credit talks according to the reports published by Bloomberg.
Even though the representatives from the financial advisory firm have refused to comment on their client’s finances, the struggle of the pizza-giant is quite evident with the rising costs and changing trends.
The change in consumer habits regarding what they want to eat and how has resulted in shocking collapse of many restaurant chains. Celebrity chef Jamie Oliver announced, recently, that his entire restaurant chain has collapsed and soon he will be shutting down all 23 of his restaurants.
In May, he said, “I am deeply saddened by this outcome and would like to thank all of the staff and our suppliers who have put their hearts and souls into this business for over a decade. I appreciate how difficult this is for everyone affected.”
Also, he thanked the customers who have always showered him with love and enjoyed his Italian cooking over the last decade. He’s had a great time serving everyone he ever could.
He added, “We launched Jamie’s Italian in 2008 with the intention of positively disrupting mid-market dining in the UK high street, with great value and much higher quality ingredients, best in class animal welfare standards and an amazing team who shared my passion for great food and service. And we did exactly that.”
Jamie Oliver is not alone because his rival chain Prezzo, also, had to put an end to the operations of its 94 restaurants across the country.
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