PizzaExpress faces crunch talks with creditors

By Sophie Witts contact

- Last updated on GMT

PizzaExpress faces crunch talks with creditors

Related tags: Casual dining

Speculation has been growing around the future of PizzaExpress following reports it is preparing for debt talks with creditors.

Bloomberg​ writes​ that the casual dining chain has hired financial adviser Houlihan Lokey after struggling with “tough trading conditions”.

Questions have been raised around the viability of the 54-year-old brand after it posted a pre-tax loss of £55m in 2018,​ while EBITDA fell 15% to £80.2m.

In the same filings PizzaExpress revealed it had debts of £1.12bn, around £400m of which is a loan from its parent company.

The company has over 600 restaurants worldwide and has been expanding in Asia following its sale to Chinese private equity group Hony Capital in 2014.

Earlier this year PizzaExpress began trialling an overhaul​ of its menu, design and service in the UK in a bid to 'future-proof' the business.

Related topics: Business

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