Popular restaurant chain shuts 74 locations across the UK after financial losses
The UK arm of the American fast food chain suffered pre-tax losses of £21.8million in the latest financial year.
Papa John's revenue has also taken a hit with newly-filed accounts on government website Companies House showing a drop from £95.9million to £88.6million.
Moreover, the last time the pizza chain achieved a pre-tax profit in the UK was in 2021, when it recorded £8.1m, The Mirror has reported.
The closure of the 74 outlets has taken place over the course of a year, but was only confirmed today.
It is unclear how many staff at the takeaway pizza chain, which has more than 400 stores across the UK, have been affected by the announcement.
A spokesperson for the company said: 'In 2024 we continued to navigate the effects of global disruption; ongoing geopolitical issues, staffing shortages and rises in commodity costs.'
They added: 'Whilst there was an improvement in consumer confidence, this remains below pre-pandemic levels with consumers more cost-conscious and more risk averse.'
It is unclear how many staff at the takeaway pizza chain have been affected by the announcement (file photo)
In March last year, Papa John's announced it would be shutting 43 'underperforming' restaurants across Britain - nearly a tenth of its total stores.
Chris Phylactou, managing director at Papa Johns UK, previously said: 'Our priority is our team members, who will be fully supported throughout this process.
'Our goal is to work with impacted team members and attempt to find redeployment opportunities where available.
'We understand the impact this will have on our team members and are committed to supporting them during this time.'
Despite closing the underperforming stores, Papa John's has opened another seven new ones across the UK.
Last March, the chain opened a new branch in Sleaford, Lincolnshire brining 20 new jobs to the local area.
Mayor of Sleaford, Councillor Anthony Brand said: 'I was delighted to be asked to open Sleaford's newest Papa Johns.
'As mayor, it's always great to see restaurants and businesses creating new jobs in the borough for members of the local community.'
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