Restaurant chain Pizza Express is reportedly preparing itself for debt talks with creditors amid difficult trading conditions.
The company, which has over 450 restaurants across the UK, has reportedly been hit by reduced customer spending and increased business rates.
In 2018, Pizza Express reported net debt of over £1bn, and made a pre-tax loss of £55m.
Reports have now been circulated that Pizza Express has appointed a financial advisory firm as it prepares for crunch talks with its creditors.
It has also been alleged that Pizza Express’ total debt equates to around £1.6m per restaurant.
The company declined to comment on the situation.
A spokeswoman at Pizza Express said: “We are not commenting on the speculation about Pizza Express appointing creditors.”
Pizza Express is one of the best-known and oldest restaurant chains in the UK.
The chain has over 450 restaurants across the UK, and a further 100 overseas in Europe, Hong Kong, China and India.
Pizza Express was founded in 1965 by Peter Boizot, after he grew unhappy with the pizza offering in London.
He shipped over an authentic Italian pizza oven, and opened the very restaurant in Wardour Street.
Since then, Pizza Express has grown to run restaurants across the country and beyond.
In 2014, the chain was bought for £900m by Hony Capital, a Chinese private equity group.
