The guardian firm of PizzaExpress is hiring bankers to assist it refinance a £335m bond forward of its maturity, amid robust buying and selling situations for informal eating operators.
PizzaExpress trades from 359 websites within the UK and Eire, and is considered one of Britain’s most ubiquitous restaurant chains.
In keeping with its newest accounts, its bond matures in July 2026, with negotiations anticipated to get underway with bondholders within the coming weeks.
It determined towards making a proper provide, citing “market conditions”.
In 2020, a bunch of bondholders took management of PizzaExpress after a monetary restructuring which noticed them injecting £40m into the enterprise.
They parachuted in Allan Leighton, considered one of Britain’s most outstanding businessman, as chairman, and named former Wagamama chief David Campbell as chief government.
Mr Campbell has since left the corporate.
Final yr, the corporate made a loss after tax of £7.5m, and mentioned in filings at Firms Home that it had “continued to experience strong macroeconomic headwinds” within the UK and Eire.
Quite a few its rivals have additionally ben buffeted by tough buying and selling, with TGI Fridays not too long ago being offered via a pre-pack administration to Breal Capital and Calveton, the homeowners of upmarket London eating places resembling Le Pont de la Tour and Coq d’Argent.
PizzaExpress declined to remark.
