Owned by the Chinese private equity group Hony Capital, PizzaExpress has been hurt by similar “casual dining” chains opening too many outlets and a consumer slowdown. The group made a 55 million-pound loss last year, compared to a pretax profit of 28.7 million pounds in 2017. It had 47.9 million pounds of cash on its balance sheet at the end of 2018, and made cash from operating activities of 33.3 million pounds that year. One possible outcome is that they swap their debt for a majority stake in the British PizzaExpress business. Marcus Ashworth is a Bloomberg Opinion columnist covering European markets.
Source: Washington Post October 09, 2019 07:30 UTC