PizzaExpress owner to fold £30m into the business

PizzaExpress shareholder Bain Capital Special Situations is to pump £30m into the business as part of a refinancing package to help it weather the slump in the casual dining sector.

Bain Capital is the largest shareholder of Wheel Topco, the PizzaExpress owner. Along with Cyrus Capital Partners it was part of a group of investors that has controlled PizzaExpress since 2020.

According to Sky News the deal was yet to be finalised, but figures were being negotiated. It said Wheel Topco has a £335m bond that matures in July 2026.

In 2023 Wheel Topco made an approach to Wagamama owner the Restaurant Group (TRG) over a possible rival bid to buy the business.

Wheel Topco ultimately pulled out, with private equity giant Apollo Global Management completing the acquisition of TRG for £506m.

The news of the cash injection comes as figures showed that sales at pub and bar groups fell 1.3% year-on-year in January as consumers cut back on discretionary spend post-Christmas.

After growth of 3.2% in December analysis of 113 businesses, including PizzaExpress, for the CGA RSM Hospitality Business Tracker, found that growth had stalled, with only the second month of negative trading since early 2022.

Photo: Richard Coomber/Shutterstock