UK-based restaurant chain PizzaExpress is preparing for a potential sale that could assign the business a valuation of as much as £500m ($669m), according to a Financial Times (FT) report, citing sources familiar with the matter.
Backed by investors such as Cyrus Capital Partners and Bain Capital’s special situations division, PizzaExpress appointed advisers at Rothschild following acquisition approaches from both trade buyers and private equity companies.
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The aforementioned sources added that discussions are currently in their early stages with no guarantee of a completed transaction.
Founded in London’s Soho in 1965, PizzaExpress has grown its footprint to more than 360 locations across the UK and Ireland, alongside franchise operations across a dozen international markets.
The company recently moved into the fried chicken category by agreeing to add US brand Houston Hot Chicken to its portfolio. It also introduced a dedicated takeaway menu featuring chicken wings alongside macaroni and cheese in March.
For the 2025 financial year, PizzaExpress generated flat revenue of £440m while its adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 6.3% to £53m.
During the first quarter of 2026, the company reported sales of £112m, representing a 3.7% increase compared with the corresponding quarter of the prior year.
The group is controlled by creditors who took charge after the disruption of the Covid-19 pandemic prompted a comprehensive restructuring that included closing dozens of dining locations.
Shareholders contributed £20m of fresh equity to the business in April 2025 as part of a broader £55m refinancing package.
Prior to the takeover by Bain and other lenders in 2020, PizzaExpress was owned by Chinese private equity group Hony Capital, which acquired the chain in a debt-funded £900m transaction in 2014.
