Pizza Express calls in financial advisers as debts spiral to £655m

Debts are weighing down Pizza Express

Debts are weighing down Pizza Express Credit Barry Barnes Alamy Stock

Separately, a group of secured bondholders for the business have also started working with advisory firm Perella Weinberg Partners in relation to the talks, according to the report.

Pizza Express appears destined for a debt restructuring that could bruise its lenders, as sources with knowledge of the situation played down concerns it was in financial difficulty.

Fans of Pizza Express are fearing for the chain's future as it has reportedly called in financial advisers.

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Author Ian Dunt, who is editor of Politics.co.uk, tweeted: "Would be genuinely sad if Pizza Express folded".

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The news comes just months after rival Jamie's Italian closed, with the loss of 1,000 jobs.

The eatery is one of the UK's longest running casual-dining operations and was launched in Soho in 1965.

The group's most recent accounts show the chain's total debt was £1.1bn at the end of a year ago - working out at around £1.8m a restaurant. "No" and they have a wider choice of food to order at home".

Pizza Express is said to be the latest major restaurant chain to be struggling with the tough conditions on the high street.

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"Even restaurants can not escape the on-line revolution, due to the rising dominance of the delivery apps and the vast choice, and therefore competition, they offer".

Representatives from Houlihan Lokey Inc declined to comment when approached by Bloomberg.

"Unless they can get enough suitable deals informally with landlords and other creditors, then a Company Voluntary Arrangement, most recently used by Jamie's Italian, Prezzo and Byron Burger, may well be on the cards".

Distressing news, pizza lovers.

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This comes after Pizza Express' major Italian restaurant competitor Prezzo shut down the majority of its restaurants previous year.

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