If you've been stuck in some unfamiliar place with a group of increasingly hungry friends or family who can't decide where they want to eat then you will know how important Pizza Express is.
The popular pizza chain has long been the ideal compromise option, a shining city on a hill with surprisingly good dough balls. Family outings, work dos, meals with friends, there's always a Pizza Express nearby that'll do.
The idea that there might not always be a Pizza Express has struck fear into the hearts of the nation as announcements of financial troubles could spell the end of the reliable restaurant chain.
The Claim
Pizza Express has had to bring advisers in ahead of talks with creditors as they are sitting on a mountain of debt worth around £1.1billion.
The restaurant chain has been on the high street for 54 years but they have until August 2022 to repay £655.6million of their debts, a problem is compounded by falling profits and high interest payments. Insert your own joke about a pizza restaurant needing more dough.
Their main issue is the decline in casual dining in high street locations, other similar businesses are struggling too as fewer customers means lower profits. The entire sector is struggling but debt of the amount Pizza Express is saddled with is a business killer.
The business has also been accused of being too generous with special offers designed to attract more customers. Discounts might help bring in more people but it also means less money is being brought in per customer.
A big pile of debt, a deadline of less than three years to pay over half of it back and a declining sector have put Pizza Express in danger. They won't be disappearing just yet but they need to change things before the creditors come calling in two or three years.
The Counter Claim
The Guardian reports that those in the know have been playing down concerns of real financial danger.
Pizza Express will reportedly survive, it's just that the debt restructuring they'll have to go for will be "painful". If they can convince creditors to change their stance then the looming deadline for repayment might be postponed.
It will also likely mean some of the less profitable stores are closed, leading to job losses and landlords being asked to reduce renting rates on locations.
The help of advisers ought to make the next few years difficult but survivable. Pizza Express expects to avoid the same fate that recently claimed Jamie's Italian.
For now Pizza Express looks set to survive, at least in the short term. If they can successfully restructure their debt and make some changes they will still be around in the long term.
Don't worry everyone, there should still be at least two more years of dough balls and perhaps many more after that.
The Facts
Pizza Express is owned by Hony Capital, a Chinese firm who bought the chain for £873 million in 2014 . They have 470 locations in the UK and their debt is the equivalent of £1.6m per restaurant.
Their profits fell by 7.7 per cent in the first half of this year, to £32.4m, while in 2018 they made a pre-tax loss of £55m, having raised £543m in sales for that year.
Interest on the debt is severely hampering their cash flow, having cost them around £92m last year and forcing them into a loss for the past two years. Not only is the large amount of debt a looming concern for Pizza Express, the interest on it is wiping out their profits.
Of the debt that has to be paid back £465m is due in 2021 and a further £200m the year afterwards. If they haven't paid it off by then they could go into administration. The rest of the debt is a loan from the Chinese company that owns them.
Bonds in Pizza Express are being sold at 84p for every £1 of money loaned, indicating that investors don't believe lenders to the business will get all their money back.
According to YouGov, Pizza Express is the sixth most popular dining brand in the UK. Only Greggs, Wetherspoons, McDonald's, Pizza Hut and Subway are more popular.
