Pizza Express

Pizza Express set for talks over £1bn debt pile

The 470-store chain made losses for the last two years as its operating profits were more than offset by high interest payments on its £1.1bn debt pile. Sales in the UK and in its 150 overseas restaurants both fell last year. Founded in 1965, Pizza Express employs 14,000 people and is now owned by Chinese private investment firm Hony. The Chinese company bought it from UK private equity firm Cinven in 2014. Few companies emerge from private equity deals without being laden with borrowing. Interestingly, Pizza Express uses exactly the same font and layout for its financial statements as it does for its menus. Unlike the menu, however, there are some quite unappetising items in its financials. Most off-putting of all, of course, is the enormous debt number. The interest on that £1.1bn is costing the company £93m a year, which wiped out all its operating profit last year - and then some. In fact, the debt payments have pushed Pizza Express into the red for the last two years with a loss of £55m last year alone. 'No imminent danger' The frustrating thing for the business is that it is making a reasonable amount of cash. It's for that reason, its auditors were happy to conclude the chain is a viable going concern when it signed off its accounts in April this year despite the company's debts being worth more than its assets. To be clear, Pizza Express is not in imminent danger of going bust. It has until 2021 before it needs to start paying back £600m to its outside creditors. (The other £500m is a loan from its Chinese owners). But debt is a serial company killer - just ask Carillion or Thomas Cook. It can suffocate a company, so the earlier you try and address the issue the better. Bonds in Pizza Express are selling for 84p for every £1 worth of loan. That means that investors do not think those lenders will get all their money back. The casual dining sector is littered with names which have been through some sort of insolvency process. Prezzo, Byron, Carluccio's needed to close stores and ask creditors to agree to rent reductions, while Jamie's Italian went bust. If Pizza Express is going to last another 50 years some sort of debt restructuring looks inevitable. Getting it done in a brutal high street environment will not be straightforward.

United Kingdom · 5 Oct 2019

PizzaExpress opens in Abu Dhabi's Al Reem Island

PizzaExpress has officially opened its second branch in Abu Dhabi at The Arc Tower, Al Reem Island and can be accessed directly via Boutik Mall. Open from lunch through to dinner, the new outlet offers great food and distinctive design – components that make up the DNA of the PizzaExpress brand worldwide. Known for its pizza, dough balls, pasta and more, PizzaExpress is set to be the go-to for fans of Italian cuisine on Al Reem Island. This latest opening brings the UAE’s PizzaExpress count to nine restaurants, including two Jazz@PizzaExpress restaurants. Locations comprise JLT, Dubai World Trade Centre, Safa Park, City Centre Mall in Fujairah, Al Hamra Mall in Ras Al Khaimah, The Mall at World Trade Centre in Abu Dhabi and The Arc Tower at Al Reem Island in Abu Dhabi.

United Arab Emirates · 20 Apr 2017

PizzaExpress acquires UAE franchise amid expansion push

Italian-inspired dining brand PizzaExpress has acquired its UAE franchise operation from operator Jordana Restaurants, it announced on Sunday. The acquisition is part of ambitious international expansion plans as PizzaExpress celebrates its 50th anniversary this year and prepares to double the number of UAE outlets in the next five years, the company said. Jordana has operated the PizzaExpress franchise since 2000. There are currently seven restaurants in the UAE – six in Dubai, in Al Safa, Ibn Battuta, World Trade Centre, Bin Sougat, Jumeirah Lakes Towers and Kidzania in Dubai Mall, as well as one restaurant in Fujairah. An eighth is due to open this summer in Abu Dhabi’s World Trade Centre Mall. This will be the second alcohol licensed Jazz@PizzaExpress concept, building on the success of the first such live music venue in Dubai’s Jumeirah Lakes Towers. Luke Davies, managing director of PizzaExpress International, said, “This acquisition builds on our strategy to grow PizzaExpress into a truly global brand, and I’m delighted to bring our UAE operation into the core PizzaExpress estate. “We plan to invest further in the UAE over the next five years as we double the number of PizzaExpress sites across the region. “By delivering great quality, fresh food, and the very best customer experience, I’m confident of achieving our ambition to become the number one Western casual dining brand in our chosen international markets.” Established in London’s Soho in 1965, PizzaExpress has 436 restaurants in the UK and a further 77 in 13 markets across the world.

United Kingdom · 9 May 2015

Chinese group Hony Capital buys PizzaExpress for £900m

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/821fc3b2-092b-11e4-906e-00144feab7de Beijing-based Hony Capital has bought PizzaExpress, the British restaurant chain, for about £900m in the latest example of China’s growing appetite for overseas investments. The sale comes after PizzaExpress owner Cinven, the London-based buyout group, explored plans last year to sell Gondola Group, the parent company that owns the pizza chain along with other restaurant assets, including Zizzi. Cinven has moved to dispose of individual chains within the group after reckoning it would be difficult to find a private buyer for the entire business. It sold Byron, the gourmet burger chain, in October for £100m. Cinven declined to comment. A string of UK brands have been sold to buyers based in China. Outbound mergers and acquisitions in the food and beverage industries accounted for 17 per cent of total M&A in China in the year to June, almost on a par with the 20 per cent from the energy and power sector – traditionally the biggest deal generator, according to Thomson Reuters. Chinese property and entertainment conglomerate Wanda paid more than £300m for almost 92 per cent of Dorset luxury yachtmaker Sunseeker International, and Weetabix was bought by Bright Food in a deal that valued the breakfast cereal at £1.2bn. Hony Capital is a China-focused middle-market private equity firm backed by Legend Holdings. It has more than $6.8bn in assets under management across seven funds, according to its website. The firm is also exploring a bid for United Biscuits, the maker of Jaffa Cakes, said people familiar with the situation. The PizzaExpress bidding process also attracted Chinese rival Citic, said people familiar with the matter. Cinven, which manages a €5.3bn buyout fund, took Gondola private in a €1.3bn deal in 2006. Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/821fc3b2-092b-11e4-906e-00144feab7de Gondola employs more than 15,000 people, serving 40m meals a year in more than 690 restaurants, according to Cinven’s website. PizzaExpress has focused on international expansion in recent years. It will open its first Beijing outlet this summer. The group has restaurants in Shanghai and Hong Kong. The chain also expanded its Middle East business, with a new outlet in Saudi Arabia. The expansion means that PizzaExpress now operates in 14 countries. Richard Hodgson, the former Wm Morrison executive, took over the running of PizzaExpress in April last year. “Asia is a key part of our future growth strategy and Hony’s expertise in this region will be invaluable,” he said. Cinven appointed Rothschild and Goldman Sachs last year to explore a potential float of Gondola or a break-up of the business.

United Kingdom · 11 Jul 2014

Six International Restaurant Brands Debut in the Kingdom of Saudi Arabia

KSA, 14 December, 2013: Alshaya International Trading Co., one of the region's leading retail franchise operators, today announced the much anticipated arrival of six internationally acclaimed restaurant brands to Saudi Arabia. The Cheesecake Factory, P.F. Chang's, Shake Shack, IHOP, Texas Roadhouse and PizzaExpress all made their Saudi Arabian debut this week at the newly redeveloped Le Mall complex on Prince Mohammed Bin AbdulAziz Al Saud Street (Tahlia Street), creating an exciting one-stop food destination for the local community in Jeddah. Already popular with diners across the GCC region, each of the six brands offers its own distinctive menu, catering to different tastes and occasions. Collectively the restaurants at Le Mall, which also include a new Starbucks store, will be able to serve more than 1,300 customers from a single venue in the heart of Jeddah. The variety of dining choices available encompasses world-famous cheesecakes, pancakes, steak, burgers, pizzas and the wide tastes and flavours of Asian cuisine. Families and friends will discover that the world-class food and service at Le Mall creates a must-visit dining destination that welcomes all. Introducing Six Leading International Brands The Cheesecake Factory story began back in the 1940's when Evelyn Overton found a cheesecake recipe in a Detroit, Michigan newspaper that would inspire her "Original" cheesecake. More than 70 years and 30 cheesecakes later, The Cheesecake Factory has grown into an international sensation. With three restaurants located in Dubai and Kuwait, and the first restaurant in KSA now opening in Jeddah, this makes it the fourth The Cheesecake Factory in the Middle East. The Cheesecake Factory is known for its extensive and creative menu, generous portions, distinctive décor and legendary desserts. With more than 250 menu selections including nearly 50 lower-calorie “SkinnyLicious™” dishes – all handmade, in-house with fresh ingredients – and its range of more than 30 legendary cheesecakes and specialty desserts including the White Chocolate Raspberry Truffle™, Ultimate Red Velvet Cake Cheesecake™ and Linda’s Fudge Cake, there is truly “Something for everyone” at The Cheesecake Factory. The restaurant located at Le Mall, Jeddah is open Saturday through Wednesday from 11 am till 1 am, Thursday from 11 am till 2 am and Friday from 1 pm till 2 am. P.F. Chang's is an international unique brand offering stylish, Chinese-inspired cuisine combined with American hospitality in a sophisticated bistro setting featuring a contemporary design and superior service. The new P.F. Chang’s restaurant in Kingdom of Saudi Arabia offers seating capacity for 268 people and promises an extraordinary culinary journey inspired by tastes from five regions of China starting with Mongolia and Sichuan, to Beijing, Shanghai and Hunan along with a variety of signature Asian delicacies on the à la carte menu. All food is made-to-order using only the freshest ingredients and cooked in Chinese woks at temperatures of over 900 degrees Fahrenheit. P.F. Chang's is committed to providing an exceptional dining experience every time you walk through our door. The restaurant located at Le Mall, Jeddah is open Saturday through Wednesday from 11 am till 1am, Thursday from 11am to 2am and Friday from 1pm till 2 am. Shake Shack is a modern day “roadside” burger stand known for its delicious burgers, flat-top dogs, and frozen custard. With its fresh and simple, high-quality food at a great value, Shake Shack is a fun and lively community-gathering place with widespread appeal. The first Shake Shack opened in 2004 in New York City’s Madison Square Park, and became an instant neighborhood fixture. Since opening its first restaurant in the Gulf in 2011, Shake Shack has become just as well-loved in the region as it is back in New York, and now the wait is over for Jeddah’s burger aficionados. The restaurant located at Le Mall, Jeddah is open Saturday through Wednesday from 11 am till 1am, Thursday from 11am to 2am and Friday from 1pm till 2 am. IHOP, a favorite American restaurant for individual and family dining, delivers a uniquely iconic American-style dining experience, from its world-famous buttermilk pancakes and extra fluffy stuffed omelettes, to flavourful sandwiches, burgers and steaks. IHOP’s high-quality food and beverage choices have made it one of America’s favorite dining locations for over 50 years. With proven success in Kuwait and the UAE earlier this year, IHOP looks set to create new fans in Saudi Arabia. The restaurant located at Le Mall, Jeddah is open Saturday through Wednesday from 6.30 am till 1 am and Thursday and Friday from 6.30 am till 2 am. The Texas Roadhouse story is simple. Legendary Food, Legendary Service®. The restaurant and its friendly staff pride themselves on being not just a family restaurant and not just a steak restaurant, but a place where everyone, of all ages, can come and have a great meal and great fun for a great price. The Texas Roadhouse menu, already discovered by steak lovers in Dubai and Kuwait, includes the much-loved Hand-Cut Steaks, Fall-Off-The-Bone Veal Ribs, Made-From-Scratch Sides, and Fresh-Baked Bread. The restaurant located at Le Mall, Jeddah is open Saturday through Wednesday from 11 am till 1 am, Thursday from 11 am till 2 am and Friday from 1 pm till 2 am. PizzaExpress has been perfecting the art of pizza since 1965. We have also kept our pizzas, as Italian original Pizza should be, by sticking to traditional ingredients and using an authentic pizzeria oven. The chefs at our PizzaExpress restaurants have created special mouth-watering recipes: the original Classic, the authentic Romana, the light Leggera and a spicy Calabrese, prepared as they're ordered in an open kitchen. The menu also includes equally delicious antipasti, salads, pastas, and deserts. The basic principles of premium ingredients, authentic preparation, reasonable prices, good service, a unique and well-designed restaurant environment have all helped PizzaExpress to gain an international reputation for first class traditional pizza. Your experience at PizzaExpress is one to remember. Kids visiting our restaurants can make their own pizza with our pizzaiolo supervision during their regular visits or for their birthday parties. The restaurant located at Le Mall, Jeddah is open Saturday through Wednesday from 11 am till 1 am, Thursday from 11 am till 2 am and Friday from 1 pm till 2 am.

13 Dec 2013

The upper level has birthday space

25 May 2013

بيتزا إكسبرس» وإطلالة رائعة على مارينا كريسنت

بحضور إعلامي غفير افتتح الفرع الثامن في الكويت لبيتزا اكسبرس والذي يحمل في قائمة الطعام في أحدث فروع بيتزا اكسبرس في المارينا كريسنت في الكويت مجموعة متنوعة من الوجبات والأطعمة الشهية المحضرة بطرق حديثة، ويمتاز الفرع الجديد بأجوائه المضيافة وقائمة الطعام المحدثة التي تشمل عددا من الأطباق المفضلة لرواد المطعم الى جانب إضافات أخرى طازجة ولذيذة. ويمكن لمحبي بيتزا اكسبرس الآن الاستمتاع بالعديد من خيارات البيتزا اللذيذة وغيرها من الأطباق الإيطالية الكلاسيكية المفضلة، والتي تقدمها لهم العلامة التجارية التي أتقنت فن إعداد البيتزا خلال 45 عاما من الخبرة. الجدير بالذكر ان الموقع الجديد في مارينا كريسنت يطل بحلته الجديدة التي تشمل عددا من الديكورات العصرية والإضافات الشهية، على قائمة الوجبات ضمن التحديثات على بعض فروع بيتزا اكسبرس في الشرق الأوسط، ويتمتع الموقع الجديد بشرفة جميلة مطلة على ميناء مارينا كريسنت. وتماما كما يعتقد الإيطاليون، فإن بيتزا اكسبرس ترى ان تناول الطعام يجب ان يمثل تجربة اجتماعية، وان أطباق المقبلات والأطباق الجانبية الجديدة الشهية لابد من مشاركتها مع أفراد الأسرة، فطبق البروسكيتا بالسلامي، والذي يحتوي على جبنة الموزاريلا واللحم الإيطالي المقدد والزيتون والجرجير والجرانا بادانو يمثل اضافة منعشة الى المقبلات الإيطالية الكلاسيكية التي تعود الى القرن الخامس عشر، وهي اضافة رائعة لوجبة مثالية، اما بيتزا بولو اد استرا الجديدة فتحتوي على الدجاج بالتوابل والفلفل الحلو وتوابل الكيجن وزيت الثوم والبصل الأحمر مع جبنة الموزاريلا وصلصة الطماطم، لتكون طبقا ناريا يثير محبي الأطعمة الحارة ويعيد تعريف البيتزا الإيطالية من جديد. أما للباحثين عن أفضل أطباق الباستا، فتقدم بيتزا إكسبرس بولو بيستو، الطبق الكريمي الغني من باستا الدجاج بصلصة الفطر والبصل الأحمر وجبنة الموزاريلا وبستو جينوفيز والجرانا بادانو، لمذاق ورائحة يحملان روعة الباستا الإيطالية الحقيقية. وتعليقا على افتتاح الموقع الجديد والكشف عن الهوية المطورة للعلامة، يقول مدير قسم التسويق لإدارة المطاعم المتخصصة في شركة محمد حمود الشايع نادر حلال: «تشتهر مطاعم بيتزا اكسبرس عالميا بإعداد البيتزا وبكونها المكان الأفضل لتناول البيتزا الأصلية فقد احتفظت العلامة التجارية على مدى اكثر من 45 عاما بوصفتها الأصلية لعجينة البيتزا الإيطالية الرقيقة، ومن خلال الفرع الجديد لمطعم بيتزا اكسبرس فإن العلامة ستواصل تقديم تجربة لا تنسى في موقع متميز في قلب واحدة من اكثر مناطق المدينة حيوية».

Kuwait · 1 Oct 2011

Pizza Express and Pinkberry now open

Both the Pizza Express and Pinkberry branches at the Marina Crescent are now open. The Pizza Express branch looks to have an updated new look compared to the Pizza Express branches at the airport and Avenues. The Pinkberry branch at the Crescent makes it the second Pinkberry branch there since there’s already another one near the fountain inside the mall.

Kuwait · 27 Sep 2011