Monday, 18 November, 2019

Pizza Express lining up for painful debt restructuring

Debts are weighing down Pizza Express Debts are weighing down Pizza Express Credit Barry Barnes Alamy Stock
Irene Mckinney | 08 October, 2019, 00:59

Fans have reacted with shock at the news that Pizza Express is set for crunch talks with its creditors over its debts.

Nonetheless, not too long ago Pizza Categorical reported a zero.5 per cent rise in whole gross sales for the United Kingdom and Eire with like-for-like gross sales broadly flat at zero.2 per cent up.

The high street pizza chain has reportedly hired advisors to guide it through debt talks with its creditors amid tough trading conditions for United Kingdom restaurant chains. Founded in 1965, Pizza Express has 470 outlets in the United Kingdom, with a further 150 internationally and employs 14,000 people.

"Last seen, had £1.6m of debt per restaurant".

It comes just months after the United Kingdom lost Jamie's Italian from the high street.

Plus, Bloomberg adds that the group's accounts at the end of a year ago reportedly show a total debt of £1.2 billion. It also said that the loss was partly down to challenges in some of its less developed global markets, including China where it has been pursuing an expansion of the brand.

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Distressing news, pizza lovers.

What do you think of Pizza Express' reported struggles?

The firm have reportedly hired financial adviser Houlihan Lokey Inc.to prepare for the discussions.

One admitted they would be "genuinely devastated" if Pizza Express were to close its doors.

TV presenter Jake Humphrey wrote: "People who aren't bothered about Pizza Express folding have never been in a town they don't know, at 3pm, with two screaming, hungry kids & a headache".

Fears are growing that Pizza Express could become the latest high street casualty as the firm's financial troubles come under the spotlight.

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