PizzaExpress

About PizzaExpress

Founded in London in 1965 by Peter Boizot, Pizza Express has now grown to more than 360 restaurants in the UK and in excess of 100 overseas. In 1993, the business was acquired by Luke Johnson, David Page and Hugh Osmond and floated on the London Stock Exchange. TDR Capital and Capricorn Associates bought the business in 2003 and turned it private before it refloated in 2005 under the ownership of Gondola Holdings.

Chinese group Hony Capital acquired the business in 2014 before it was taken over by its bondholders in a debt-for-equity swap in 2020. A group restructure that same year saw the business cut its debt by more than £400m, while closing more than 100 locations.

In June 2023, the business said its debt woes are behind it, arguing a painful restructuring over the last few years has now put it on the right path. A company spokesman said: “We are 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.”

Later that year, PizzaExpress won a High Court ruling regarding insurance payouts for covid-19 losses and launched a new delivery platform called PizzaExpress Delivers. It also unveiled its biggest ever retail range revamp.

In April 2024, PizzaExpress marked the first anniversary of its record label, PX Records, by launching record stores in three London locations, and that same month, said it was exploring a US expansion play. A new company, PizzaExpress US, was set up to oversee its launch in the US and it partnered with consultants whichfranchise to explore rolling out in the country. PizzaExpress, which also operates a handful of franchise sites in the UK, previously attempted to launch in the US in the 1990s.

The following month, the business made its airport debut with a launch at Gatwick, and in July 2024, it started trailing new Pod format sites with Tesco - launching the first at the Tesco Extra site in Bursledon, Southampton. The following month, the business said it is looking to further build its international franchise estate and has begun looking for partners in countries including Canada.

In October 2024, parent company Wheel Topco said it is hiring bankers to help it refinance a £335m bond ahead of its maturity amid tough trading conditions. The following month, PizzaExpress said it is targeting 1,000 international sites by 2030, and confirmed it would return to the US in 2025 with a launch in Florida.

In January 2025, it started rolling out further airport sites in partnership with SSP. In March 2025, shareholders in PizzaExpress were preparing to inject tens of millions of pounds into its parent company to help secure a refinancing of its debt. Sky News reported that Bain Capital Special Situations, which is understood to be the largest shareholder in Wheel Topco, is expected to stump up in the region of £30m as part of a refinancing of the company’s balance sheet.

The arm of Bain Capital, one of the world’s biggest buyout firms, and Cyrus Capital Partners were part of a group of bondholders which took control of PizzaExpress following a financial restructuring.

The following month, PizzaExpress opened its second Tesco Pod site, in Swansea, and lined up the next two - in Cheshunt and Aylesbury. A second airport site was opened in May 2025, at Glasgow airport. In September 2025, PizzaExpress said it has begun seeking franchise partners for possible launches in Germany, Austria or Switzerland, and launched a third Pod site, in Tesco Extra Cheshunt.

In November 2025, PizzaExpress said it is reassessing its plans to relaunch in the US after deciding not to progress with the potential franchise partner it had initially lined up there - but told Propel that launching Stateside “remains high on our expansion agenda”.

In May 2026, PizzaExpress launched a new smaller, quick service restaurant-style concept in Brixton, offering a self-ordering system. Chief executive Paula MacKenzie said: “The opening of PizzaExpress Brixton is a big occasion for us, as we continue to be bold and innovate in unexpected ways.”

That same month, the company said it is is in talks to become the latest UK business to bring a US chicken brand here, having set up a new company called Hatch & Roost, which is thought will be the vehicle for the new venture.

In June 2026, PizzaExpress launched US hot chicken brand Houston Hot Chicken (HHC) into the UK market, with ambitious plans to roll out 50 HCC locations nationally over the next three years.

MacKenzie said, “We’re thrilled to be adding Houston Hot Chicken to our house of brands, bringing something truly distinctive to the UK market: bold flavour, real energy and an experience that stands apart. This is chicken unlike you’ve seen it before.”

That same month, PizzaExpress opened the second site under its QSR format, in London’s Finsbury Park. In August 2026, PizzaExpress confirmed it will launch the first UK HHC site in Stevenage this autumn, in a unit alongside a new PizzaExpress restaurant, and secured an ex-Leon site in Earls Court for its third QSR format opening.

Why franchise with PizzaExpress

• ✓Franchise consultant Platinum Wave said: “PizzaExpress is looking for franchise partners in Spain, Portugal and the Netherlands who have the appetite and capability to open multiple restaurants. Additional opportunities exist for a sub franchisee in UAE and master for Qatar, Bahrain and Oman, as well as master opportunity for Turkey and Egypt. If you are an experienced operator with a passion for pizza and a ready to go operations team, we want to speak to you! We are looking for a partner who shares the same core values as PizzaExpress – you will share our passion for proper pizza, be transparent, courageous and ready for growth.
• ✓“You will be an experienced operator with a proven track record of site openings with the appetite and capability to open multiple restaurants. You will have an affinity with your chosen geographical market, and reasons to believe you can blow targets out of the park. You should have a ready to go operational team and the networks to rapidly build and develop out a pipeline of different formats.”
• ✓Franchise consultant Seeds Consulting added: “Pizza Express is currently searching for ambitious, experienced operators with a passion for pizza and the commitment and resources to become a multi-unit franchisee. A prior record of successful site openings, a trusted team, and a network that allows you to grow and develop, are all highly desirable. From kiosks as small as 600 sq ft that capture high traffic, on the move areas that also benefit from delivery to flagship restaurants of over 3500 sq ft in city and residential areas, PizzaExpress’s business model has a proven track record of success. As a PizzaExpress franchisee, you can enjoy a wealth of support and benefits.
• ✓“With over 58 years of experience in new restaurant openings, the brand has the skills and know-how to help to make the initial stages quick, efficient, and uncomplicated. From establishing supply lines using PizzaExpress’s significant market purchasing power – lowering initial running costs in comparison to similar brands – to store fit-out, training, and management support, a PizzaExpress franchisee can expect an unparalleled site opening.”