Pizza Express has announced it has completed a major programme designed to secure its long-term financial future.
The company said the recapitalisation has seen its debt slashed by over £400 million to £319 million, with £40 million of new cash to be immediately injected into the business.
Pizza Express also now has a further £90 million of funds available from bondholders.
The chain also revealed on Friday that it has appointed former Wagamama boss David Campbell as new chief executive, and former Asda chief Allan Leighton as new chairman.
Campbell left Wagamama in 2017 after leading a turnaround at the pan-Asian chain.
It comes a week after the 55-year-old company, which been hit hard by the pandemic, said it is to cut a further 1,300 jobs across its UK restaurants.
Zoe Bowley, managing director of Pizza Express UK & Ireland, said: "2020 has been a very tough year and obviously remains so as we start the second lockdown.
"After the reshaping of the company, we can now start to accelerate and grow Pizza Express, with new shareholders, a strong balance sheet, and a new experienced chairman and group chief executive."
