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Tag: PizzaExpress

  • PizzaExpress Reduces Singapore Presence: Shuts Down Two More Outlets Amid Retrenchment Wave

    PizzaExpress Reduces Singapore Presence: Shuts Down Two More Outlets Amid Retrenchment Wave

    The UK-based dining chain, PizzaExpress, has recently announced the closure of two of its outlets in Singapore, bringing its total locations in the city-state down to just two. Operations ceased at the Millenia Walk and Scotts Square outlets on December 31 last year. The reasons for these closures have not been disclosed publicly.

    Changes in Location

    The Millenia Walk outlet, the most recent addition to the PizzaExpress Singapore operations, had been serving customers for less than a year, having opened its doors in January 2025. The brand’s remaining outlets can be found at Duo Galleria and The Star Vista.

    This isn’t the first time the company has made location changes in Singapore. In January 2024, the PizzaExpress outlet in Holland Village was shuttered following six years of service. However, a new outlet was established at The Star Vista just a few months later in April.

    History and Challenges

    Established in London, PizzaExpress has made a name for itself globally for its handcrafted thin-crust pizzas. The Scotts Square outlet was the brand’s first foray into the Singaporean market in 2016. The company oversees more than 500 restaurants across the UK, Europe, Hong Kong, India, and the Middle East.

    Despite its global reach, PizzaExpress has grappled with financial difficulties in recent years. In 2020, the company announced plans to close 15% of its UK restaurants due to restructuring efforts aimed at managing an external debt of roughly US$993 million. The then-owner, Hony Capital, a Chinese private equity firm, started the process of seeking a new buyer.

    Food and Beverage Sector Struggles

    PizzaExpress is not alone in its struggles within Singapore. Many food and beverage chains in the city-state have had to close outlets due to dwindling demand. Kith Cafe, which boasted 10 outlets at its height, now operates only two locations. The well-known American chain, Eggslut, shut its last Singaporean outlet in February last year, indicating its departure from the country. Other businesses such as Burger & Lobster, Fluff Stack, Flor Patisserie, and Keong Saik Bakery have also withdrawn from the market.

    Questions & Answers

    Why did PizzaExpress close two of its outlets in Singapore?
    While the company announced the closures, it did not disclose the reasons behind them.

    Which PizzaExpress outlets remain open in Singapore?
    There are two remaining PizzaExpress locations in Singapore, one at Duo Galleria and the other at The Star Vista.

    What financial challenges has PizzaExpress faced in recent years?
    In 2020, PizzaExpress revealed plans to close 15% of its UK outlets amidst restructuring efforts aimed at managing around US$993 million in external debt.

  • PizzaExpress in takeover talks

    PizzaExpress in takeover talks

    A group of senior bondholders to PizzaExpress is in talks to potentially provide new funding in a deal that could see them take over much of the company from owners Hony Capital.

    Creditors including Cyrus Capital Partners, HIG Capital and Bain Capital Credit have proposed injecting cash into the casual-dining chain in exchange for taking control of its core UK and Irish business, according to people familiar with the matter.

    As part of the deal, Hony Capital may keep the Chinese arm, the people said, asking not to be identified because they’re not authorized to speak publicly. The terms of the proposal aren’t set and could change, they said.

    External spokespeople for PizzaExpress and Bain declined to comment. Representatives for Cyrus Capital and HIG didn’t return calls and emails from Bloomberg seeking comment. Officials at Hony didn’t respond to a request for comment outside business hours.

    After buying the company in 2014, Hony expanded its branch network into China at a time when Britain’s retail sector was starting to struggle amid changing consumer habits. PizzaExpress profits came under pressure and last year the company hired advisers to prepare for talks with creditors over its debt, which stands at around US$1.38 billion.

    Hony bought back some of PizzaExpress’ riskier bonds last year in an attempt to fend off a potential creditor takeover and keep control of the business. Since then, however, the Covid-19 crisis has disrupted its efforts to implement a financial overhaul.

    Early in May, PizzaExpress said it partly used credit lines provided by investment fund HPS to repay a revolving-credit facility and a super-senior loan from Hony Capital, and asked for bondholders’ consent to push back publication of its accounts.

    The possibility of creditors taking control of PizzaExpress was first reported by Britain’s Times newspaper.