Pizza Express completes £335m refinancing

It had hired 1,000 new staff members to help drive its rebound following the pandemic.

Pizza Express confirmed it had sealed a £335 million refinancing deal and hailed “strong” trading after reopening its restaurants.

The pizza chain concluded its long-term financing plan, consisting of five-year bonds, and said it was now a “fitter” company after emerging from COVID-19 lockdowns.

The announcement comes after a challenging year for the restaurant group, which saw it cut more than 2,000 jobs and close 73 sites.

Chief executive David Campbell, who joined the business in November and previously led Wagamama, described the past year as “transformational” amidst changes.

“We took the opportunity during lockdown to focus on improving parts of our business which were still open — specifically dine-out and retail — and our teams have done a brilliant job,” he said. “In delivery, we renewed our partnership with Deliveroo and with our increased operational focus and additional marketing, have outperformed the Deliveroo Index every week this year.”

“We are very excited about the future on the back of strong results in the first half of 2021, the elimination of third-party discounting, and an exciting pipeline of initiatives for the rest of 2021 and beyond,” he added.

Join QSRMedia UK community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The restaurant will have a floor dedicated to takeaway transactions.
It is seeking franchisees interested in single or multi-unit operations immediately.
The pizza franchise already has over 500 stores in the UK.
The pop-up arrives roughly five months after the chain tried one in Cologne, Germany.
The chain’s rollout of outlets will see them reach nearly 100 UK sites by the end of summer 2022.
The chain, whose city centre outlets were hit hard by COVID-19 restrictions, describes the move as the next step in its ‘transformation” strategy.
This will be the brand’s 74th UK restaurant opening.
Flipdish UK country manager Fionn Hart makes a case for digital interface solutions as an answer.
The CGA Prestige Foodservice Price Index predicts continued inflation over the remainder of 2021.
It is slated to have 100 restaurants over the next five years as part of a master franchise deal.
Its founder says the chain’s on the road to recovery.