The parent company of PizzaExpress is hiring bankers to help it refinance a £335m bond ahead of its maturity, amid tough trading conditions for casual dining operators.
The pizza chain which has a restaurant in Aberdeen's Union Square shopping centre is close to appointing PJT Partners, the investment bank, to advise it on talks with its debtholders.
PizzaExpress trades from 359 sites in the UK and Ireland, and is one of Britain's most ubiquitous restaurant chains.
According to its latest accounts, its bond matures in July 2026, with negotiations expected to get underway with bondholders in the coming weeks.
News of PJT's imminent appointment comes a year after PizzaExpress explored a takeover bid for The Restaurant Group, which counts Wagamama as its main asset.
It decided against making a formal offer, citing "market conditions".
FTSE 100
The UK's flagship share index, the FTSE 100, was up 43-points, at 8,330 shortly after opening this morning.
Brent crude oil futures were down 0.11%, trading at $74.14 a barrel.
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AJ Bell | Q4 Trading Statement |
Centamin | Q3 Results |
Dunelm | Q1 Trading Statement |
Ibstock* | Q3 Trading Statement |
Mondi | Q3 Trading Statement |
Nestlé* | Q3 Trading Statement |
Netflix* | Q3 Results |
Rathbones Group | Q3 Interim Management Statement |
Rentokil | Q3 Results |
Schroders | Q3 Assets Under Management Statement |
St James's Place | New Business Announcement |