Fears over future of PizzaExpress amid 'talks over £1billion debt'

It is understood that talks with creditors are intended to look at a possible reorganisation of the company's large debts

It is understood that talks with creditors are intended to look at a possible reorganisation of the company's large debts

Pizza Express appears destined for a debt restructuring that could bruise its lenders, as sources with knowledge of the situation played down concerns it was in financial difficulty.

It comes just months after the United Kingdom lost Jamie's Italian from the high street.

The pizza chain is reportedly seeking financial advice as it prepares for crisis talks over a large amount of debt. Bondholders have also reportedly hired advisers to assist them in the discussions. Reports suggest that Pizza Express chains could be facing a debt of over a whopping £1.6 million per restaurant.

Unite the Union said: "Worrying news that Pizza Express is in trouble".

This comes after Pizza Express' major Italian restaurant competitor Prezzo shut down the majority of its restaurants past year.

The chain's struggle has been well documented as a result of rising costs and a change in consumer habits.

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The group's most recent accounts show the chain's total debt was £1.12 billion at the end of a year ago - working out at £1.79 million a restaurant.

Of the group's debt, £655.6 million is due to be repaid by August 2022 with the majority of this due by August 2021.

Naturally, the potential collapse of Pizza Express has caused heartache among its loyal fans.

It makes me so sad if they go bust, I'm sick of seeing so many British establishments disappear.

They said "tough trading conditions for United Kingdom restaurant chains", as one of the reasons for the upcoming talks.

Jamie Oliver's restaurant chain filed for insolvency in the spring. I appreciate how hard this is for everyone affected.

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