Pizza Express reportedly in crisis talks after amounting millions of debt per restaurant
Pizza Express is reportedly in crisis talks with creditors today (Mon 7 Oct), after struggling with millions of pounds worth of debt.
The Italian restaurant chain is said to have accumulated £1.6 million of debt per restaurant.
Trouble for the chain?
News that the chain is in trouble was announced on Twitter early this morning by financial advisory company Langton Capital.
The company wrote, "Pizza Express reportedly about to engage in talks with creditors.
"Last seen, had £1.6m of debt per restaurant. Not sustainable."
Pizza Express reportedly about to engage in talks with creditors. Last seen, had £1.6m of debt per restaurant. Not sustainable.
— Langton Capital (@langtoncapital) October 7, 2019
The Chinese-owned restaurant group has more than 470 restaurants across the UK and 100 overseas in Europe, Hong Kong, China, India, Indonesia, The Philippines, Singapore and the Middle East.
Founded in 1965, the chain has been one of the most popular Italian eateries for more than 50 years.
Customers were quick to blame the chain's expensive prices for the reported debt trouble (Photo: Shutterstock)
Concerns that the restaurant chain may go out of business have been spreading across social media, with customers hoping it won't be the next food outlet to go succumb under debt.
However, customers were quick to blame the chain's expensive prices for the reported debt trouble:
"Parents across the U.K. will be DEVASTATED (and non-parents too, but literally nowhere is as good to take kids out for a meal)."
"Not pizza express as well? Their dough balls are to die for (not literally obvs)."
"I hear Pizza Express are in trouble? That’s sad because they have some amazing items on their menu. However I can’t say I am that surprised. It’s very expensive & actually in the last few years I have noticed a decline in quality (especially pasta dishes)."
"Would be gutted if Pizza Express went under. Enjoy every visit I make to it."
"Will be pretty sad if Pizza Express folds - its status as a restaurant of last resort, wherever you are in the UK at essentially any time means that covering politics would be a lot more miserable without it."
"I like Pizza Express occasionally. But let's be honest, most people can't afford to go regularly. For a fraction of the price you can stay home in your PJs and get one delivered to the door. If a local takeaway did vegan pizza I would get it. #PizzaExpress"
"There's a lot of news today but if Pizza Express closes, that'll be a huge loss. It's been so visibly on the cards but, there's not many places everyone can go and sit and have table service and have it be fine."