PIZZA Express could be the next major high street name to close, after racking up debts worth more than £1.12 billion at the end of last year, company accounts showed.
The owners of the restaurant group have hired financial advisers ahead of crucial talks with creditors.
The huge debt works out to £1.6 million a restaurant, threatening the company’s future, which has over 470 branches across the country.
The pizza chain has to repay £655.6million of its debt by August 2022.
The company - which operates several restaurants across Sussex - has made no secret of the fact that it has struggled with rising costs over recent years.
Financial consultants Langdon Capital tweeted earlier today: "Pizza Express reportedly about to engage in talks with creditors
"Last seen, had £1.6m of debt per restaurant.
"Not sustainable."
The company, which was launched 54 years ago, saw a drop in profits of 7.7 per cent this year.
The news comes after rival Jamie’s Italian closed, with the loss of 1,000 jobs.
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