The mother or father firm of PizzaExpress is hiring bankers to assist it refinance a £335m bond forward of its maturity, amid powerful buying and selling situations for informal eating operators.
Sky Information has learnt that Wheel Topco is near appointing PJT Companions, the funding financial institution, to advise it on talks with its debtholders.
PizzaExpress trades from 359 websites within the UK and Eire, and is considered one of Britain’s most ubiquitous restaurant chains.
In response to its newest accounts, its bond matures in July 2026, with negotiations anticipated to get underway with bondholders within the coming weeks.
Information of PJT’s imminent appointment comes a yr after PizzaExpress explored a takeover bid for The Restaurant Group, which counts Wagamama as its fundamental asset.
It determined towards making a proper supply, citing “market situations”.
In 2020, a bunch of bondholders took management of PizzaExpress after a monetary restructuring which noticed them injecting £40m into the enterprise.
They parachuted in Allan Leighton, considered one of Britain’s most outstanding businessman, as chairman, and named former Wagamama chief David Campbell as chief government.
Mr Campbell has since left the corporate.
Final yr, the corporate made a loss after tax of £7.5m, and stated in filings at Firms Home that it had “continued to expertise sturdy macroeconomic headwinds” within the UK and Eire.
Numerous its rivals have additionally ben buffeted by tough buying and selling, with TGI Fridays just lately being bought via a pre-pack administration to Breal Capital and Calveton, the homeowners of upmarket London eating places resembling Le Pont de la Tour and Coq d’Argent.
PizzaExpress declined to remark.