PizzaExpress has completed the balance sheet to confirm the balance sheet after a strong year.
The restaurant group, one of the largest random dining chains in the UK, has about 350 places to pay £ 55 million in debt, reducing its total debt to £ 280 million.
As part of the refinancing, shareholders invest £ 20 million at Wheel Topco, the parent company of equity chain.
PizzaExpress announced that it had received “strong support” to extend the maturity of its parents’ insured banknotes from July 2026 to September 2029.
The chain stated that more than 97% of current bond holders supported the refinancing agreement.
PizzaExpress said the decision followed the brand’s “strong opening area”, and similar sales increased by 1.3% in the first two months in the previous year.
The company announced that it would retain the “strong liquidity station” when the trade is completed.
Paula Mackenzie, CEO of PizzaExpress, said: “We are pleased with the strong beginning of the year, and to complete this landmark refinement is a great way to close Q1. When we celebrate 60 years with pizzaExpress fans around the country, we focus on the same thing – we mean everyone.”
Funding follows 18 months after the PizzaExpress owner Wheel Topco investigated a potential offer to buy Wagama owner, Restaurant Group (TRG).
However, it ultimately decided to submit the offer, referring to market conditions. Apollo Global Management later acquired TRG for £ 506 million.
