PizzaExpress has said its debt levels have significantly improved in recent years and are now half of what they were under the previous ownership.

The business reported losses of £350m in 2019, as it struggled with a £1.1bn debt pile, under former owner Hony Capital, and was then forced to enter a CVA during the pandemic, leading to the closure of around 15% of its 450 estate at the time.

In an article by The Telegraph yesterday (12 June) on how the brand is looking to refresh its fortunes, PizzExpress said the business was in “a solid position with strong liquidity, good cost control and cash management”. “Debt levels are more than half what they were under previous ownership”.

PizzaExpress has been opening up new restaurants in locations including Cranleigh, Maidenhead, Cheltenham and Hackney, with CEO Paula Mackenzie, who took the reins in May last year, overseeing a refresh of restaurants, with new items also added the menu, including hot honey dough balls and a peach liqueur made exclusively for the chain.

The chain said that that while all businesses had been hit by inflation its prices remained “competitive”.

The price of a Margherita has risen from £8.95 in 2019 to £10.95 today.