Croydon is one of the locations that will be losing its branch of Pizza Hut, it was confirmed yesterday.
Semi-Colonnades: the Croydon branch is one of 68 Pizza Huts set to close
Pizza Hut in the Colonnades, the Purley Way venue for building supplies, takeaway coffees and a trampoline park, is among the 68 restaurants that will close after its managing company fell into administration for a second time.
An estimated 18 full- and part-time jobs are thought to be affected.
The Colonnades was making a modest profit for Croydon Council, before it was sold in a fire sale of assets. Why unload something that is making you money? You can only flog off your assets once. And why, especially, sell an asset for £25million less than was paid for it just a few years earlier?
The loss of Pizza Hut will dent the rental income of the current owners, if only temporarily… The Colonnades has proved flexible to changing tastes and demand in the past. Any one remember the Gipsy Moth carvery pub that was once there? No, thought not (McDonald’s and Nando’s today house the replacement building).
In total, the Pizza Hut closures will see 1,200 workers at risk of redundancy across the restaurants and 11 delivery-only outlets.
DC London Pie, the company running Pizza Hut’s restaurants in Britain under a franchise deal, appointed administrators on Monday.
Yum! Brands, the American company which owns the global Pizza Hut business as well as KFC and Taco Bell, has bought what remains of the British operation, saving 64 sites and securing the future of 1,276 workers.
Read more: Figures show how exodus from Whitgift Centre is speeding up
Read more: Surrey Street’s Mr Fox ‘cocktail pub’ freehold is put up for sale
Read more: Two more Croydon town centre pubs pull down the shutters
Read more: Five Guys is latest business to give up on Croydon High Street
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