The Pizza Hut Restaurants Company Voluntary Arrangement (CVA) has been approved following a vote today, which will see the closure of 29 restaurants and 450 job losses.
The group said the CVA would help it to "mitigate the financial impact of Covid-19", with sales not expected to fully bounce back until well into 2021.
The CVA only applies to Pizza Hut Restaurants and will not affect operations or jobs at Pizza Hut Delivery or related franchises.
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."