PizzaExpress Shareholders Set to Invest Millions in Debt Refinancing Move

PizzaExpress shareholders are preparing to inject tens of millions of pounds into its parent company, Wheel Topco, as part of a critical debt refinancing plan. The move comes as Britain’s casual dining sector faces financial pressures, prompting one of the country’s most recognisable restaurant chains to secure long-term stability.

Sources indicate that Bain Capital Special Situations believed to be the largest shareholder in Wheel Topco, is expected to contribute approximately £30 million as part of a broader restructuring of the company’s financial position. However, City insiders caution that negotiations remain ongoing, and final figures have yet to be confirmed.

Bain Capital, a global private equity giant, and Cyrus Capital Partners became part of a consortium of bondholders who took control of PizzaExpress following a financial restructuring. The latest refinancing discussions come just 18 months after PizzaExpress considered acquiring The Restaurant Group—owner of Wagamama—but ultimately opted against a bid, citing unfavourable market conditions.

The chain, which operates around 350 sites across the UK and Ireland, is facing a looming financial deadline, with a £335 million bond set to mature in July 2026. Last year, reports emerged that the company had enlisted advisory firm PJT Partners to explore refinancing options.

PizzaExpress is currently chaired by Allan Leighton, one of Britain’s most experienced business leaders, who recently took on the role of chairman at supermarket giant Asda. As discussions continue, the financial restructuring could prove crucial in safeguarding the brand’s future in an increasingly competitive and cost-sensitive dining market.