PizzaExpress at Risk
Tuesday, October 8, 2019
The future of PizzaExpress is a hot topic following reports that the chain is preparing for discussions with creditors about debt.
The brand has hired Houlihan Lokey, a financial adviser, after battling tough trading conditions.
Ever since this 54-year-old brand posted a pre-tax loss of £55m last year, questions have been raised around the viability of the chain.
PizzaExpress also had debts of £1.12bn, £400m of which was a loan from its parent company.
The brand has over 600 sites worldwide and has expanded in Asia, following its 2014 sale to Hony Capital, a Chinese equity group.
In attempts to 'future-proof' the business, PizzaExpress started to trial a menu overhaul at the start of the year, along with implementing changes in the design and service of the brand.