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Difficulties At Pizza Express?

Reports in today's newspapers suggest that Pizza Express have sought advice about debts reported to have reached £1.1 billion.

The reports indicated that they are looking to refinance two tranches of borrowing to the tune of £665 million. Pizza Express posted a pre-tax loss of £55 million in 2018.

Bloomberg have reported that a group of advisers have been hired to commence talks with creditors and that bondholders have also hired advisers to assist with negotiations.

Pizza Express confirmed in June that profits had fallen 7.7% to £32.4 million in the previous six months.

Pizza Express has 470 outlets in the UK and 150 more internationally. The Company employs 14,000 people. 

There has been no confirmation of the difficulties and negotiations from Pizza Express but it appears to be a continuing tough time for restaurant chains with a number pursuing CVAs in recent times; such as Jamie's Italian, Prezzo, Carluccio's and Byron Burger. 

Posted: 07.10.2019
Tags:  announcement

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