Sales in the UK and in its 150 international restaurants both fell last year.
PizzaExpress has hired advisers from Houlihan Lokey ahead of talks with creditors, whilst a group of secured bondholders has tapped Perella Weinberg Partners, Bloomberg has reported.
The 470-store pizza chain previously posted a decline in core earnings for the first half of the year and had a debt of £1.12bn by end-2018.
The restaurant group’s two tranches of debt are up for repayment in 2021 and 2022.
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