{"text":[[{"start":9.14,"text":"PizzaExpress has lined up investment bankers to explore a sale that would value the UK high street dining group at up to £500mn, six years after creditors took control in a restructuring."}],[{"start":21.2,"text":"The company, whose owners include Bain Capital’s special situations unit and Cyrus Capital Partners, is working with bankers at Rothschild after receiving approaches from both industry bidders and investment firms, according to people familiar with the matter."}],[{"start":36.44,"text":"The chain, known for its “American Hot” and “Sloppy Giuseppe” pizzas, could be worth up to £500mn in a deal, the people said, cautioning that discussions remained preliminary and there was no certainty a deal would be struck."}],[{"start":49.88,"text":"Since first opening in London’s Soho in 1965, PizzaExpress has expanded to more than 360 restaurants across the UK and Ireland, with franchise operations in a dozen other countries."}],[{"start":62.08,"text":"PizzaExpress recently signed a deal to enter the popular fried chicken market by bringing US brand, Houston Hot Chicken, into its stable. It also launched a macaroni and cheese and chicken wings takeaway menu in March."}],[{"start":74.36,"text":"The business posted flat sales of £440mn in 2025 while its adjusted earnings before interest, tax, depreciation and amortisation rose 6.3 per cent to £53mn. It reported sales of £112mn in the first quarter of 2026, the most recent period for which data is available, a 3.7 per cent increase from the same period a year earlier."}],[{"start":99.4,"text":"The group is owned by investors who took over the company after the coronavirus pandemic forced a drastic restructuring, including the closure of dozens of outlets."}],[{"start":109.16,"text":"Shareholders injected £20mn into the business in April 2025, as part of a £55mn refinancing that extended some of its debt."}],[{"start":118.28,"text":"Despite its debt pile, three years ago PizzaExpress weighed a possible takeover offer for Wagamama owner The Restaurant Group before rival bidder Apollo won out in the deal."}],[{"start":128.88,"text":"PizzaExpress was launched by entrepreneur Peter Boizot who shipped a pizza oven from Rome after lamenting a lack of Italian cuisine in the UK. The pizza chain has changed hands several times since then."}],[{"start":136.92,"text":"The growth of the business, which has also spent time on the London Stock Exchange, was propelled following a 1993 takeover by entrepreneurs Luke Johnson and Hugh Osmond. Its subsequent owners have included private equity firm Cinven, which bought it in 2007."}],[{"start":154.56,"text":"Before Bain and other creditors took over in 2020, it was owned by China’s Hony Capital, which acquired the company in a debt-laden £900mn deal in 2014."}],[{"start":165.04,"text":"Bain, PizzaExpress and Rothschild declined to comment. Cyrus and Rothschild did not immediately respond to requests for comment."}],[{"start":179.04,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1789783370_2181.mp3"}