Oct 1, 2021

PizzaExpress optimistic as it presses on with new openings

We'll send you a myFT Daily Digest email rounding up the latest PizzaExpress Ltd news every morning. PizzaExpress, the casual dining company, said it had outperformed the market since restaurants have been able to trade without restrictions thanks to less discounting and better marketing. In its first update to bondholders since a major financial restructuring, the 360-site restaurant group said on Friday that its sales had been 3.7 per cent above overall industry sales between July 19 and September 5, compared with figures from the market tracker CGA. From the start of 2021 to September 5, PizzaExpress reported revenues of £182.5m and said that earnings before interest, tax, depreciation and amortisation were £22.2m, signalling that the group was profitable after a £400m restructuring deal agreed last year through which bondholders took control of the business and it closed almost 100 sites. "Following July's successful long-term refinancing, we are now well under way with a three-year programme to open 50 new restaurants," he added. "As long as we can keep trading without restrictions in the UK and Ireland for the rest of 2021, we anticipate a continuation of good trading for the rest of the year and are optimistic about prospects for 2022 and beyond," he said.

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