Pizza Express has secured a significant financial uplift of £55m following a refinancing agreement that will substantially reduce its debt.
The popular restaurant chain has successfully arranged a £55m par debt paydown, which will bring its debt level down to £280m, as reported by .
Additionally, as part of the refinancing strategy, shareholders including Bain Capital Special Situations are set to contribute £20m in equity to the firm's parent entity, Wheel Topco.
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The company has also confirmed "strong support" for extending the maturity of its senior secured notes from July 2026 to September 2029.
More than 97% of existing bondholders have endorsed Pizza Express's refinancing deal, indicating widespread backing.
The brand has reported a positive start to its financial year, with like-for-like sales up by 1.3% in the first two months compared to the same period in the previous year.
In a statement, Pizza Express highlighted that it now possesses "a robust liquidity position on completion, supported by its strong track record of cash generation."
CEO Paula MacKenzie expressed satisfaction with the company's performance at the beginning of the year and emphasised the significance of the refinancing: "We are pleased with our start to the year, and completing a landmark refinancing ends Q1 strongly."
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As Pizza Express approaches its 60th anniversary, MacKenzie reaffirmed the company's commitment to customer satisfaction: "This year we celebrate being 60 years young with Pizza Express fans up and down the country, and our focus remains unchanged as ever...delighting each and every one."
The refinancing agreement arrives just over 18 months after the firm contemplated a takeover bid for The Restaurant Group, which encompasses Wagamama. However, a deal was not ultimately pursued.
The chain is presided over by Allan Leighton, who recently assumed the same role at Asda.