London – December 4, 2020 – Cooley advised Pizza Hut Restaurants UK on the restructuring of its balance sheet, certain financial liabilities and other issues related to the implementation of a company voluntary arrangement. The CVA was approved with the requisite majorities of the company's creditors and shareholders and became effective on September 28. The CVA is expected to remain in place for a two-year period and was part of a wider restructuring necessitated as a result of difficult trading conditions due to the COVID-19 pandemic. Cooley partner John Clark led the team advising Pizza Hut on the restructuring. Stevens & Bolton advised the company on the terms of the CVA and related insolvency issues.
"During this time of unprecedented disruption and adversity in the hospitality sector, the professional, even-handed and proactive approach of the Cooley team has been crucial in supporting us to protect our business and set it up for future success," Jens Hofma, CEO of Pizza Hut Restaurants UK, said in a statement on the firm's key role in the matter.
In 2018, Cooley advised Pizza Hut Restaurants UK and its senior leadership team on the management buyout of the business from Rutland Partners, a UK private equity firm.