Pizza Express signs major refinancing deal

Pizza Express has announced that it has agreed a refinancing deal with over 97% of its existing bondholders. 

The news follows a good opening quarter for the brand with reported LFLs at 1.3% for the first 2 months, compared to last year. 

Pizza Express has received strong support to extend the maturity of its senior secured notes from July 2026 to September 2029. As part of the refinancing, there will be £55m par debt paydown, reducing the debt position to £280m. PizzaExpress will have a “robust” liquidity position on completion, supported by its track record of cash generation.

As part of the deal, the shareholders will inject £20m equity to partially fund the debt paydown, demonstrating their continued support for the business.  

Paula MacKenzie, CEO of Pizza Express, said: “We are pleased with our start to the year, and completing a landmark refinancing ends Q1 strongly. This year we celebrate being 60 years young with PizzaExpress fans up and down the country, and our focus remains unchanged as ever…delighting each and every one.”