Pizza Express is set to receive a £30 million investment from shareholders, spearheaded by Bain Capital, to help refinance a £335 million bond due next year. The restaurant chain is grappling with rising costs due to impending increases in National Insurance and minimum wage. With a history marred by debt and ownership changes, that has led to closures and refurbishments, the company managed to generate £367 million in revenue in 2023 yet still reported a £6.4 million pre-tax loss, underscoring the sector's challenges and pressure on consumer dining behavior.
Pizza Express is set to receive a £30 million lifeline from shareholders led by Bain Capital, ensuring the refinancing of its £335 million bond due next year.
The restaurant chain faces cost pressures with rising National Insurance and minimum wages, which may curb investment and raise menu prices amid already rising consumer costs.
The company has struggled with ownership changes, a hefty £1.1 billion debt, and significant losses, necessitating closures and refurbishments to recover from its past.
Despite revenue reaching £367 million in 2023, Pizza Express still reported a pre-tax loss of £6.4 million, highlighting ongoing challenges in the hospitality sector.
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