Pizza Express orders up £55m in extra dough
Pizza Express has secured a boost worth £55m after agreeing a refinancing deal which will significantly cut its debt.
The restaurant chain has negotiated a £55m par debt paydown which will see its debt position reduced to £280m.
As part of the deal, shareholders including Bain Capital Special Situations will inject £20m equity into the company’s parent company, Wheel Topco.
Pizza Express added that it had received “strong support” to extend the maturity of its senior secured notes from July 2026 to September 2029.
The chain said its refinancing deal received the backing of more than 97 per cent of its existing bondholders.
Pizza Express ‘pleased’ with start to 2025
Pizza Express said the deal comes as the brand’s like-for-like sales increased by 1.3 per cent in the first two months of its current financial year compared to the same period last year.
In a statement, the company said it now has “a robust liquidity position on completion, supported by its strong track record of cash generation”.
Paula MacKenzie, CEO of Pizza Express, said: “We are pleased with our start to the year, and completing a landmark refinancing ends Q1 strongly.
“This year we celebrate being 60 years young with Pizza Express fans up and down the country, and our focus remains unchanged as ever…delighting each and every one.”
The refinancing deal comes just over 18 months after the business considered a takeover bid for The Restaurant Group, which includes Wagamama. A deal was ultimately not pursued.
The chain is chaired by Allan Leighton who recently took up the same position at Asda.