Pizza Express owner to buy back £80m of debt
The pizza company earlier reported it has no plans of closure.
Amidst a mounting 54-year-old debt, Pizza Express owner Hony Capital told the company’s bondholders that it will buy back £80m of its £200m unsecured bonds.
Based from a document that the Financial Times has seen, the Chinese private equity firm has offered to purchase 20% to 40% of the debt’s face value despite outstanding £665m in bonds.
Investors told the publication that they took the company’s move as a “signal of confidence” amidst the price increase of bonds.
The report cited Pizza Express’ former statement to its bondholders that it has “no plans of closure” and that 95% of its businesses in Ireland and the UK is still profitable.
Pizza Express currently has over 470 restaurants.
