Pizza Express Cuts a Small Hole Out of Its Debt and Fills It With 80 Million Pounds

Pizza Express finally admits things aren’t going so well

Beloved pizza chain Pizza Express will receive £80 million from its owner, Hony Capital, to prop up a balance sheet that reads like 50 Shades of Red. While the chain moved to quell reports it would fold in October, this new funding — and the need to renegotiate a £20 million overdraft, according to the Telegraph — is clearest admission to date that the restaurant group is in more than a spot of bother. Taking debt inspiration from its line of Leggera pizzas by cutting out a small bit in the middle and filling it with money? It’s a start.

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