Pizza Hut has reportedly begun rescue talks with financial advisors - which could place hundreds of branches across the UK at risk of closure.

The restaurant brand has hired advisors at Alvarez & Marsal to examine the possibility of an insolvency agreement, which could result in thousands of job losses, according to Sky News.

According to Sky, sources have said that a final decision on an agreement has yet to be made, but a company voluntary arrangement (CVA) was a “distinct possibility.”

If the chain does enter insolvency, it is not yet clear how many of its branches will be affected, or how many jobs may be cut as part of any restructuring plans.

How many branches and employess does Pizza Hut have across the UK?

Currently, Pizza Hut has 5,700 employees in the UK and 244 branches in total.

In an update on July 29, Pizza Hut said a total of 213 of its restaurants will have reopened to customers by August 10, with the remainder to open as soon as possible after.

In a statement, a spokesperson for the company said: "Despite government support, and entering lockdown from a place of strength, the cost of lockdown combined with reduced trading levels has had a substantial impact on the whole restaurant sector.

"Along with many other businesses, we are looking at ways to minimise that financial impact, while continuing to trade as usual.

"Whether this will require financial restructuring in the form of a CVA or otherwise is as yet undecided."

What about the 380 Pizza Hut delivery branches?

The move will not affect its 380 Pizza Hut delivery branches in the UK, which are separately owned to Pizza Hut Restaurants.