The pizza chain has persuaded enough creditors and landlords to vote in favour of cutting rents and bills to keep the business afloat, the company has announced.
The Company Voluntary Arrangement (CVA) was voted through on Monday and will result in the closure of 29 of Pizza Hut’s 244 restaurants, with 450 jobs at risk.
The deal will see 5,000 jobs saved across its remaining sites.
A Pizza Hut Restaurants spokesperson said: “The Company Voluntary Arrangement (CVA) for Pizza Hut Restaurants, (PHR – the UK dine-in franchise business of the global Pizza Hut brand), is now approved.
“We are delighted to have reached such a constructive position in partnership with our landlords and creditors.
“We appreciate the support of everyone involved and this outcome provides us with a strong platform to secure the long-term future of the business including over 5,000 jobs and over 200 restaurants.
“Our focus is now ‘business as usual’ supporting all of our team members and continuing to provide a Covid-safe restaurant experience for our guests.”