Pizza Express 'hires financial advisers' as it prepapres for crunch talks over debt
Italian restaurant chain Pizza Express has reportedly hired financial advisers as it prepares for crunch talks over its debt.
The high-street chain is set to face talks with its creditors over their debts as they battle with ‘tough trading conditions’ for UK restaurant chains.
A report, which stems from a Bloomberg article published on Friday, reveals that the chain had debts of £1.12bn.
The report also revealed that in the first half of this year, profits fell 7,7 per cent to £32.4m.
Pizza Express chief executive Jinlong Wang said: “Intense competition in the casual dining sector encourages innovation and we are constantly seeking ways to increase appeal to new and existing customers."
“Looking ahead, whilst we expect both the UK and Ireland and International markets to remain challenging, we are confident in our ability to successfully appeal to customers and believe that we will continue to deliver a resilient performance across the remainder of 2019.”
Bloomberg said that Pizza Express had hired financial adviser Houlihan Lokey Inc. as they prepared for debt talks.
They also reported that a group of secured bondholders started working with Perella Weinberg Partners.
Bloomberg stated representatives for Houlihan Lokey, Perella Weinberg and PizzaExpress declined to comment.
Sheffield has six Pizza Express restaurants, including Devonshire Street, Ecclesall Road, Meadowhall, St Paul’s Place, The Moor and Valley Centertainment.