PizzaExpress has finalised a refinancing deal to strengthen its balance sheet after an already strong start to the year.
The restaurant group, one of Britain’s largest casual dining chains with around 350 locations, has secured a £55m par debt paydown, lowering its total debt to £280m.
As part of the refinancing, shareholders will invest £20m in equity into the chain’s parent company, Wheel Topco.
PizzaExpress stated it had secured 'strong support' to extend the maturity of its senior secured notes from July 2026 to September 2029.
The chain stated that the refinancing deal was supported by more than 97% of its existing bondholders.
PizzaExpress said the decision followed a “strong opening quarter” for the brand, with like-for-like sales rising 1.3% in the first two months compared to the previous year.
The company stated it would maintain a “strong liquidity position” upon completing the deal.
Paula MacKenzie, CEO of PizzaExpress, said: “We’re pleased with our strong start to the year, and completing this landmark refinancing is a great way to close Q1. As we celebrate 60 years with PizzaExpress fans across the country, our focus remains the same—delighting each and every one.”
The refinancing follows 18 months after PizzaExpress owner Wheel Topco explored a potential bid to acquire Wagamama owner, the Restaurant Group (TRG).
However, it ultimately decided against submitting a bid, citing market conditions. Private equity firm Apollo Global Management subsequently acquired TRG for £506m.
