Shareholders in PizzaExpress are preparing to inject tens of millions of pounds into its parent company to help secure a refinancing of its debt amid tough trading in Britain’s casual dining sector.
Sky News understands that Bain Capital Special Situations, which is understood to be the largest shareholder in Wheel Topco, is expected to stump up in the region of £30m as part of a refinancing of the company’s balance sheet.
City sources said on Thursday that a deal had yet to be finalised, and that the figures were subject to further negotiations.
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The arm of Bain Capital, one of the world’s biggest buyout firms, and Cyrus Capital Partners were part of a group of bondholders which took control of PizzaExpress following a financial restructuring.
Last autumn, Sky News revealed that Wheel Topco was lining up bankers from PJT Partners to advise on the refinancing.
PizzaExpress trades from roughly 350 sites in the UK and Ireland, and is one of Britain’s most prominent restaurant chains.
The parent company has a £335m bond which matures in July 2026.
Its refinancing talks come 18 months after PizzaExpress explored a takeover bid for The Restaurant Group, which counts Wagamama as its main asset.
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The company ultimately declined to bid, citing market conditions.
PizzaExpress is chaired by Allan Leighton, one of Britain’s most prominent businessmen and recently installed as chairman of Asda.
A spokesman for Bain Capital Special Situations declined to comment.
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