Pizza Express 'will return to market'

RESTAURANT chain Pizza Express was today reported to be in line for a return to the stock market less than two years after it was taken private.

Private equity owner TDR Capital, which acquired the chain for £278m in partnership with Capricorn Ventures, is thought to be looking to appoint bankers to advise on the strategic options for the business.

These options include a flotation or a sale, while a combination of Pizza Express and the Ask Central chain that was acquired by TDR and Capricorn last year for £213m is also possible.

But the Sunday Telegraph said the feeling among bankers was that TDR is considering a flotation of Pizza Express on its own.

According to the newspaper, three investment banks have been shortlisted to map out a strategy for the future of the business.

Pizza Express has more than 280 outlets in the UK and is now understood to be delivering double-digit percentage increases in like-for-like sales.

By acquiring the 180-strong chain of Ask restaurants as well, TDR and Capricorn have been enable to enhance its purchasing power and strip out costs.