PizzaExpress

Last updated

PizzaExpress (Restaurants) Limited
PizzaExpress
Company typePrivate company limited by shares
Industry Casual dining
Founded1965;59 years ago (1965)
Founder Peter Boizot
Headquarters Uxbridge, England
Key people
Products Italian cuisine
OwnerA group of bondholders
Website pizzaexpress.com

PizzaExpress (Restaurants) Limited, [1] trading as PizzaExpress and or Pizza Marzano and Milano in the Republic of Ireland, is a British multinational pizza restaurant chain, with over 500 restaurants across the United Kingdom and 100 overseas in Europe, Hong Kong, Canada, China, India, Indonesia, Kuwait, the Philippines, the United Arab Emirates, Singapore and Saudi Arabia. [2] It was founded in 1965 by Peter Boizot. [3] In July 2020, the business was taken over by its bondholders under a debt-for-equity swap with previous owner Hony Capital. [4] In November 2020, Hony Capital left the business and the group restructure was completed, helping to cut the casual dining chain's debt by more than £400 million. [5]

Contents

History

The Sutton, London branch, which opened in the late 1980s, and won a local architectural award Pizza Express High St Sutton Surrey London.JPG
The Sutton, London branch, which opened in the late 1980s, and won a local architectural award
Example of food from PizzaExpress PizzaExpress Pizza.png
Example of food from PizzaExpress
Jamie Cullum playing live at PizzaExpress Jazz Club, 10 Dean Street, Soho, London Jamie Cullum at PizzaExpress Jazz Club.png
Jamie Cullum playing live at PizzaExpress Jazz Club, 10 Dean Street, Soho, London
Veneziana Pizza Veneziana Pizza.jpg
Veneziana Pizza

Founded in 1965 by Peter Boizot, PizzaExpress opened its first restaurant in London's Wardour Street. Inspired by a trip to Italy, Boizot brought back to London a pizza oven from Naples and a chef from Sicily.

In 1969, jazz performances began at its Dean Street restaurant, London. [6]

PizzaExpress expanded into the Republic of Ireland in 1995 and currently operates 14 restaurants there under the brand name Milano. [7] Additionally, the company owns the brand name Marzano. Originally, Marzano or Pizza Marzano was used in countries where the brand name Pizza Express was not available, as with the use of the name Milano in the Republic of Ireland, but it also exists in some territories, such as Cyprus, to differentiate between the restaurants selling primarily pizza and those offering a wider range of non-pizza meals inspired by Italian cuisine. [8] It is also used for a cafe-bar run as an adjunct to the branch of Pizza Express in The Forum in Norwich, "Cafe Bar Marzano". [9]

In 2011, PizzaExpress launched a major rebrand of its UK restaurants, with menu changes, a black and white logo and the widespread use of stripes, both for staff uniforms and for restaurant decor. [10]

In July 2014, the group was sold to the China-based private equity firm Hony Capital in a deal worth £900 million. [11] In 2017, PizzaExpress launched 'PizzaExpress Live'.[ citation needed ]

In October 2019, PizzaExpress hired financial advisors in preparation for its talks with creditors. The chain had been experiencing financial difficulties arising from a downturn in consumer demand for eating out. [12]

In March 2020, all UK restaurants were forced to close indefinitely due to nationwide lockdown rules introduced by the government to limit the spread of COVID-19. On 28 May 2020, select London restaurants reopened for delivery services as the government began to lift lockdown restrictions. [13] [14] In July, it was announced that "dozens" of the closed restaurants would not be reopening. The restaurant group was reported to have a debt pile of £1.1 billion. [15] The next month, it was announced that the company was set to close around 67 restaurants throughout the UK and also cut 1,100 jobs. [16]

In July 2020, the business was taken over by its bondholders under a debt-for-equity swap with previous owner Hony Capital. [4] It was confirmed in September that 73 of its restaurants would close permanently, including the first ever branch in Wardour Street. [17] In November 2020, the group restructure completed and helped cut the casual dining chain's debt by more than £400 million. [18] A further 23 branches were earmarked for closure in January 2021. [19]

Ownership

Privately owned since its foundation in 1965 for 28 years, PizzaExpress was acquired from Peter Boizot and Ronald Simpson by Luke Johnson, David Page and Hugh Osmond in 1993, with Johnson and Osmond becoming non-executive directors. The company was floated on the London Stock Exchange at the same time in 1993. The two major individual shareholders were Peter Boizot and David Page. Wholly owned restaurants then opened rapidly across the UK. The company owned restaurants grew from 23 in number at flotation to over 300 in 2003. Peter Boizot remained as chairman for the first 3 years of the public company.

The 32 UK franchisees were then bought back en masse in 1996.

TDR Capital and Capricorn Associates then bought the company in 2003 turning it private again. [20] In 2005, PizzaExpress re-floated on the London Stock Exchange, as part of Gondola Holdings. [21] It was then bought by private equity group Cinven as the Gondola Group in 2007. [22] On 12 July 2014 it was announced that Chinese group Hony Capital had bought PizzaExpress for £900 million. [23]

In July 2020, the business was taken over by its bondholders under a debt-for-equity swap with previous owner Hony Capital. [4] In November 2020, Hony Capital left the business and the group restructure completed, help cutting the casual dining chain's debt by more than £400 million. [18]

Fare

Since its foundation, PizzaExpress has specialised primarily in handmade pizza in the traditional Italian style.

PizzaExpress introduced the lighter pizza Leggera, the first pizza range on the high street that contains around 500 calories. [24]

In 2008, PizzaExpress started a Guest Chef Series with chef Theo Randall, of Theo Randall at InterContinental London, creating exclusive dishes for its menu. [25] Francesco Mazzei, of L'Anima, came on board in 2010 to develop a menu inspired by the cuisine of Calabria. [26]

The celebrity chef series continued in 2012 with the introduction of two pizzas made by television cook Valentine Warner. Warner introduced the fennel and salami pizza and the puttanesca pizza. [27]

Music

PizzaExpress has supported the jazz community from its early days when it opened its first jazz club in 1969 in Dean Street, London. Since then, artists performing there have included Ella Fitzgerald and Amy Winehouse, to supporting early performances by Norah Jones and Jamie Cullum. [28]

Za

Za is a brand of PizzaExpress offering a more casual version of the pizzeria in the United Kingdom. The first restaurant was launched at the Fenchurch Street site in February 2019. [29] The opening of Za is part of a five-year plan to refresh and improve the brand, called Future Express. [30] The menu is centered on PizzaExpress pizzas, sold by the slice, but also with the same toppings available in a wrap made from PizzaExpress dough. The brand focuses on breakfast, with flat breads, bacon, eggs or spinach. Piadina and salads form part of the lunch menu and the site is fully licensed. The Fenchurch Street test location closed in December 2019, but PizzaExpress have committed to bringing Za back in a different location as of 2022.

Za no longer operates as a brand (2023). [31]

Design and art

Peter Boizot commissioned Italian restaurant designer and cartoonist Enzo Apicella in the 1960s to design the PizzaExpress identity and over 80 restaurants. [32]

In 2002, PizzaExpress launched PizzaExpress Prospects Contemporary Art Prize with pop artist Peter Blake. [33] Peter Blake's connection with PizzaExpress was extended when he donated 26 original pieces to the Chiswick restaurant where he had been a regular customer since 1981.

PizzaExpress created a 'Living Lab' in October 2010, in Richmond, trialling new ideas from design to sound, collaborating with designer Ab Rogers. [34]

Philanthropy

PizzaExpress introduced the Pizza Veneziana in 1977 to help save Venice from sinking by donating 5p of every pizza sold to the Venice in Peril Fund. Over the years the amount donated from each pizza has increased to 25p. [3] From 2008, donations from the Veneziana pizza go to the Veneziana Fund, where 50% is donated to the Venice in Peril Fund and 50% is given to the restoration, repair and maintenance of buildings, fixtures and fittings of buildings and works of art created before 1750. [35]

In 1999, PizzaExpress introduced its Schools Programme, a programme where the company turns its restaurants into classrooms, educating children about fresh ingredients, how to run a local business and how to cook for themselves. [36]

In 2016, PizzaExpress launched its partnership with Macmillan Cancer Support, with a discretionary 25p donation from every Padana pizza sold to help Macmillan provide essential financial, emotional, medical and practical support for people affected by cancer. As of May 2017, the partnership has raised over £500,000. [37]

Controversy

In 2008, the company was reported as taking an 8% cut of tips paid via credit card. [38]

Related Research Articles

<span class="mw-page-title-main">Pizza Hut</span> American multinational restaurant chain

Pizza Hut, LLC is an American multinational pizza restaurant chain and international franchise founded in 1958 in Wichita, Kansas by Dan and Frank Carney. The chain, headquartered in Plano, Texas, operates 19,866 restaurants worldwide as of 2023.

<span class="mw-page-title-main">Uno Pizzeria & Grill</span> American pizza restaurant chain - the Birthplace of Chicago deep dish pizza

Uno Pizzeria & Grill, or more informally as Uno’s, is a United States-origin franchised pizzeria restaurant chain under the parent company Uno Restaurant Holdings Corporation. Uno Pizzeria and Grill is best known for its Chicago-style deep dish pizza. Ike Sewell opened the first Pizzeria Uno in 1943.

<span class="mw-page-title-main">California Pizza Kitchen</span> American restaurant chain

California Pizza Kitchen, Inc. (CPK) is an American casual dining restaurant chain that specializes in California-style pizza. The restaurant was started in 1985 by attorneys Rick Rosenfield and Larry Flax in Beverly Hills, California, United States. California Pizza Kitchen introduced and popularized BBQ Chicken Pizza.

Restructuring or Reframing is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. Other reasons for restructuring include a change of ownership or ownership structure, demerger, or a response to a crisis or major change in the business such as bankruptcy, repositioning, or buyout. Restructuring may also be described as corporate restructuring, debt restructuring and financial restructuring.

<span class="mw-page-title-main">Sbarro</span> American pizzeria chain

Sbarro, LLC is an American fast food restaurant that specializes in New York–style pizza sold by the slice and other Italian-American cuisine. In 2011, the company was ranked 15th in foreign sales among U.S.-based quick-serve and fast-casual companies by QSR Magazine. In 2008, Sbarro was rated the No. 1 Quick Service Restaurant in the Italian segment by Entrepreneur magazine. However, diners and critics have criticized the quality of the food, with some suggesting a link between food quality and the company's two bankruptcies. Sbarro has over 600 locations in 28 countries. Sbarro stores are located in shopping malls, airports, service areas, and college campuses, as well as in The Pentagon, American naval bases, and casinos.

Cinven Limited is a global private equity firm founded in 1977, with offices in nine international locations in Guernsey, London, New York, Paris, Frankfurt, Milan, Luxembourg, Madrid, and Hong Kong that acquires Europe and United States–based corporations, and emerging market firms that fit with their core businesses, and necessitate a minimum equity investment of €100 million or more. As of 2024, it has €44 billion in assets under management.

Golden Gate Capital is an American private equity firm based in San Francisco. The firm makes investments in a number of select industries, including technology, financial services, retail and industrial, through leveraged buyout transactions, as well as significant minority purchases and growth capital investments. As of April 2018, it had over $15 billion in assets under management.

Cicis Pizza, formerly known as CiCi's Pizza and Cicis, is an American chain of buffet restaurants based in Coppell, Texas, specializing in pizza. The company was founded in 1985, and started franchising by 1987. In November 2015, the company began a new marketing campaign which included the renaming of the company to Cicis, and a redesigned logo and website.

<span class="mw-page-title-main">Peter Piper Pizza</span> American pizza chain

Peter Piper Pizza, LLC is an American pizza and entertainment company with locations in Arizona, California, New Mexico, Texas and Mexico.

<span class="mw-page-title-main">Luke Johnson (businessman)</span> British entrepreneur (born 1962)

Luke Oliver Johnson is a British entrepreneur. He is a former chairman of the Pizza Express chain, the Royal Society of Arts and Channel 4.

Prezzo Trading Limited, trading as Prezzo, is a restaurant chain serving mostly Italian cuisine in the United Kingdom and Ireland. The first restaurant opened on New Oxford Street, London in November 2000. As of January 2019 there were more than 180 branches across the country, following many closures in 2018. It is part of Prezzo Holdings. The chain is currently owned by Cain International.

Gondola Group was a chain restaurant operator in the United Kingdom and Ireland. It operated several casual dining brands:

<span class="mw-page-title-main">The Restaurant Group</span> British hospitality company

The Restaurant Group plc is a British chain of restaurants and public houses. Their principal trading brands are Wagamama and Barburrito. The Group also operates Pub restaurants and a Concessions business which trades principally at UK airports.

<span class="mw-page-title-main">ASK Italian</span> British casual dining restaurant chain

ASK Italian Restaurants Limited, trading as ASK or ASK Italian, is a British casual dining restaurant chain that serves Italian cuisine in 65 locations in the United Kingdom.

Peter James Boizot MBE was an English entrepreneur, restaurateur, politician, art collector and philanthropist. He is best known as the founder of PizzaExpress.

<span class="mw-page-title-main">PizzaExpress Jazz Club</span> Jazz club in London, England

PizzaExpress Jazz Club is a jazz club in London, England. Based in Dean Street in Soho, it is situated in the basement of a PizzaExpress restaurant, and was opened by company founder Peter Boizot in 1969. It has played host to Norah Jones, Amy Winehouse, Jamie Cullum and Walter Smith III

Risk Capital Partners LLP is a London-based private equity firm, co-founded in 2001 by Ben Redmond and Luke Johnson. The firm invests in numerous sectors, including leisure, retail, media, healthcare, IT services, financial services and support services.

<span class="mw-page-title-main">MOD Pizza</span> American fast-casual pizza chain

MOD Pizza is an American fast-casual pizza restaurant chain based in Seattle, Washington. Founded in 2008, MOD has more than 560 locations as of December 2023 in the United States and two locations in Canada.

Hony Capital is a Chinese private equity firm, owned by Legend Holdings. Legend Holdings provided Hony, a pioneer in China's private equity industry, with its start-up capital. Hony has about US$10 billion under management. Hony also invests in overseas consumer brands in order to create value by expanding their presence in China.

<span class="mw-page-title-main">TDR Capital</span> British private equity firm headquartered in London

TDR Capital LLP is a British private equity firm headquartered in London, England.

References

  1. ↑ "PIZZAEXPRESS (RESTAURANTS) LIMITED overview – Find and update company information – GOV.UK". Companies House . 31 March 1993. Archived from the original on 3 August 2023. Retrieved 3 August 2023.
  2. ↑ "About PizzaExpressBusiness | PizzaExpress Business". pizzaexpressbusiness.com. Archived from the original on 12 October 2019. Retrieved 12 October 2019.
  3. 1 2 Chris Blackhurst (26 January 1997). "Mr Pizza and all that jazz; Profile: Peter Boizot – Life and Style". The Independent. London. Archived from the original on 19 December 2014. Retrieved 28 January 2015.
  4. 1 2 3 "Hony Capital's PizzaExpress to cut 1,100 jobs as it agrees to restructuring deal". Private Equity News. Archived from the original on 10 April 2023. Retrieved 16 December 2020.
  5. ↑ Walsh, Dominic. "Allan Leighton to be Pizza Express chairman after restructuring". The Times. London. Archived from the original on 10 April 2023. Retrieved 14 March 2023.
  6. ↑ "PizzaExpress founder Peter Boizot an Industry Icon". Peach Report. 19 November 2010. Archived from the original on 5 April 2015. Retrieved 28 January 2015.
  7. ↑ "About Milano". Milano.ie. Archived from the original on 24 January 2015. Retrieved 28 January 2015.
  8. ↑ "About Us". Pizzaexpress. Archived from the original on 22 February 2015. Retrieved 28 January 2015.
  9. ↑ "Eat/Drink". The Forum. Archived from the original on 5 January 2016. Retrieved 26 December 2015.
  10. ↑ Chapman, Matthew. "PizzaExpress launches biggest rebrand to date". Marketing Magazine. Archived from the original on 20 January 2012. Retrieved 28 January 2015.
  11. ↑ "Pizza Express sold to Chinese firm Hony Capital for £900m". BBC News. 12 July 2014. Archived from the original on 12 November 2020. Retrieved 3 September 2020.
  12. ↑ Vanuzzo, Antonio; Linsell, Katie (4 October 2019). "PizzaExpress Hires Advisers Ahead of Debt Talks With Creditors". Bloomberg L.P. Archived from the original on 8 October 2019. Retrieved 8 October 2019.
  13. ↑ "A message from our Managing Director, Zoe Bowley". PizzaExpress. May 2020. Archived from the original on 25 May 2020. Retrieved 30 May 2020.
  14. ↑ Butler, Sarah (19 May 2020). "Pizza Express to reopen 13 London restaurants for delivery". The Guardian. Archived from the original on 29 May 2020. Retrieved 30 May 2020.
  15. ↑ Gill, Oliver (16 July 2020). "Pizza Express to close dozens of restaurants". The Telegraph. Archived from the original on 17 July 2020. Retrieved 16 July 2020.
  16. ↑ "Pizza Express may close 67 outlets and cut 1,100 jobs". BBC News. 4 August 2020. Archived from the original on 4 August 2020. Retrieved 4 August 2020.
  17. ↑ "The full list of Pizza Express closures, and why the restaurants are being forced to shut". inews.co.uk. 8 September 2020. Retrieved 25 April 2022.
  18. 1 2 Walsh, Dominic. "Allan Leighton to be Pizza Express chairman after restructuring". The Times. London. Archived from the original on 19 November 2020. Retrieved 16 December 2020.
  19. ↑ "PIZZA EXPRESS IS SET TO CLOSE 23 MORE RESTAURANTS IN THE UK". Next Property. Archived from the original on 21 June 2023. Retrieved 25 April 2022.
  20. ↑ Michael Hoare. "TDR and Capricorn clinch PizzaExpress deal". efinancialnews.com. Archived from the original on 9 April 2015. Retrieved 3 April 2015.
  21. ↑ "Gondola, PizzaExpress Owner, Raises $240 Mln in IPO (Update1)". Bloomberg L.P. 2 November 2005. Archived from the original on 25 May 2015. Retrieved 3 April 2015.
  22. ↑ "Cinven buys Pizza Express owner in £900m deal". scotsman.com. Archived from the original on 9 April 2015. Retrieved 3 April 2015.
  23. ↑ Armstrong, Ashley (12 July 2014). "China's Hony buys Pizza Express for £900m". The Daily Telegraph. London. Archived from the original on 15 July 2014. Retrieved 3 April 2015.
  24. ↑ Paskin, Becky (17 March 2009). "Pizza Express launches healthy 'salad' pizza range". BigHospitality. William Reed Business Media. Archived from the original on 8 January 2016. Retrieved 28 January 2015.
  25. ↑ "Theo Randall Joins Forces With Pizza Express". Eat Out Magazine. Dewbury Redpoint. 29 September 2008. Archived from the original on 21 September 2010.
  26. ↑ Kühn, Kerstin (19 November 2009). "Catering & Hospitality News". The Caterer. Jacobs Media Group. Archived from the original on 20 February 2020. Retrieved 20 February 2020.
  27. ↑ "TV Cook Valentine Warner Collaborates with PizzaExpress for Limited Edition Dishes". Eat Out Magazine. Dewbury Redpoint. 15 March 2012. Archived from the original on 18 April 2012.
  28. ↑ "Jazz News | Jazzwise Magazine | London". Jazzwise Magazine. Archived from the original on 18 February 2014. Retrieved 28 January 2015.
  29. ↑ Coghlan, Adam (16 January 2019). "Pizza Express Confronts Casual Dining Crisis With a Pizza Cutter". Eater London. Archived from the original on 28 May 2019. Retrieved 14 June 2019.
  30. ↑ "PizzaExpress to enter food to go sector". bighospitality.co.uk. Archived from the original on 21 September 2020. Retrieved 14 June 2019.
  31. ↑ restaurantonline.co.uk (13 December 2019). "PizzaExpress to close Za spin-off site". restaurantonline.co.uk. Retrieved 20 November 2023.
  32. ↑ "Meeting of the Minds". Slammed Magazine. July 2004. Archived from the original on 26 February 2011. Retrieved 28 January 2015.
  33. ↑ Tilden, Imogen (22 May 2002). "Drip paint work wins drawing prize". The Guardian . London. Archived from the original on 9 September 2014. Retrieved 28 January 2015.
  34. ↑ Etherington, Rose (5 January 2011). "Living Lab by Ab Rogers for Pizza Express". Dezeen. Archived from the original on 23 September 2015. Retrieved 28 January 2015.
  35. ↑ "The Veneziana Fund". Pothecary Witham Weld Solicitors. Archived from the original on 26 October 2011.
  36. ↑ "Our portfolio companies and corporate responsibility". Cinven. Archived from the original on 14 March 2011.
  37. ↑ "Pizza Express raises £500,000 for Macmillan in one year". UK Fundraising. 22 May 2017. Archived from the original on 6 June 2020. Retrieved 15 November 2017.
  38. ↑ Hickman, Usborne; Martin, Simon (14 July 2008). "Revealed: how the restaurant chains pocket your tips". The Independent. Archived from the original on 29 December 2017. Retrieved 29 December 2017.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.