Pizza Express 'hires financial advisers' ahead of crunch talks about crippling debt

Pizza Express 'hires financial advisers' ahead of crunch talks about crippling debt

Pizza giant set 'for talk with creditors'

It came as the cost of insuring Pizza Express's debt against default rocketed amid concerns among bondholders over its borrowing.

The pizza chain is reportedly in early talks to refinance two tranches of borrowing worth a combined £665m, part of a debt pile that had reached £1.1bn by the end of December 2018. Reports suggest that Pizza Express chains could be facing a debt of over a whopping £1.6 million per restaurant.

Jamie Oliver's Italian chain also filed for insolvency in May this year, with all but three of the TV chef's 25 United Kingdom restaurants shutting it's doors.

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The eatery is one of the UK's longest running casual-dining operations and was launched in Soho in 1965.

What do you think of Pizza Express' reported struggles? While in some ways, it eidens the market, it also makes people think "Should I goout tonight?"

"Even restaurants can not escape the on-line revolution, due to the rising dominance of the delivery apps and the vast choice, and therefore competition, they offer".

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The firm have reportedly hired financial adviser Houlihan Lokey Inc.to prepare for the discussions.

The company secured the backing of creditors for Company Voluntary Arrangement (CVA) on Friday, which will allow the Italian-themed chain to exit unprofitable branches and secure rent reductions. "There must be no repeat of the mess made of Jamie's, Thomas Cook and others where workers kept in dark and out of pocket while boardroom looks after itself".

Fears have been raised over the future of Pizza Express.

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A third tweeted: "I AM DEVASTATED ABOUT PIZZA EXPRESS".

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