Advert

Latest

17 minutes ago
Advert
an hour ago
Advert

Most Popular

a day ago
Advert

Fears Over Future Of PizzaExpress Amid Claims It Is Preparing For 'Debt Talks'

Fears Over Future Of PizzaExpress Amid Claims It Is Preparing For 'Debt Talks'

PizzaExpress has called in financial advisers to help prepare for talks with creditors over huge debts, according to reports.

The restaurant chain's current debts stand at £665m. Its most recent accounts showed that it was in a whopping £1.1 billion debt at the end of last year - the equivalent of around £1.6 million for each of its restaurants.

Advert

A report in Bloomberg claims the chain has hired financial adviser Houlihan Lokey Inc to help it get ready for debt talks.

PizzaExpress is reportedly preparing for debt talks with its creditors. Credit: PizzaExpress/Facebook
PizzaExpress is reportedly preparing for debt talks with its creditors. Credit: PizzaExpress/Facebook

Representatives from Houlihan Lokey Inc declined to comment when approached by Bloomberg.

A spokesperson from PizzaExpress told Hull Daily Mail: "We are not commenting on the speculation about PizzaExpress appointing creditors."

According to the report, PizzaExpress has struggled with rising costs and a 'change of consumers' habits'.

Advert

It's a tough time for restaurant chains, with celebrity chef Jamie Oliver announcing that his restaurant empire had collapsed and all 23 of his Jamie's Italian restaurants would be closing.

Speaking in May, Oliver said: "I am deeply saddened by this outcome and would like to thank all of the staff and our suppliers who have put their hearts and souls into this business for over a decade. I appreciate how difficult this is for everyone affected.

Jamie Oliver recently revealed that his restaurant empire had collapsed. Credit: PA
Jamie Oliver recently revealed that his restaurant empire had collapsed. Credit: PA

"I would also like to thank all the customers who have enjoyed and supported us over the last decade, it's been a real pleasure serving you.

"We launched Jamie's Italian in 2008 with the intention of positively disrupting mid-market dining in the UK high street, with great value and much higher quality ingredients, best in class animal welfare standards and an amazing team who shared my passion for great food and service. And we did exactly that."

Rival chain Prezzo last year announced that it would be closing 94 restaurants.

Featured Image Credit: PA

Topics: uk news

Claire Reid

Claire is a journalist at LADbible who, after dossing around for a few years, went to Liverpool John Moores University. She graduated with a degree in Journalism and a whole load of debt. When not writing words in exchange for money she is usually at home watching serial killer documentaries surrounded by cats. You can contact Claire at [email protected]

 

Next Up

​Nightclub Comes Under Fire For Response To Woman's Drink Spiking Claims

​Nightclub Comes Under Fire For Response To Woman's Drink Spiking Claims

15 days ago