London Daily

Focus on the big picture.
Thursday, Oct 01, 2026

Pizza Express: We're still making dough

The popular High Street chain is fighting back against its challenges amid a wave of online support.

"It feels good to be kneaded," Pizza Express quipped on Twitter after worries it could go under prompted an outpouring of affection from diners.

In a quick piece of savvy marketing, the chain told customers: "We're still making dough", trying to reassure the legions of parents and savvy, voucher-wielding customers who had expressed concern that another family-friendly, mid-priced restaurant chain could disappear from the High Street.

Pizza Express was responding to reports it had hired advisers to negotiate with lenders over a £1.1bn debt pile.

The news saw the almost 55-year-old pizza chain become the latest High Street eatery to have its money troubles splashed across the financial pages.

But what separates Pizza Express from the likes of Jamie's Italian, which went under in May, and Carluccio's and Prezzo, which have both closed dozens of restaurants, is its customers' response to news of the financial troubles.

Some Twitter users called for the restaurant chain to be nationalised, while others encouraged people to pay full price for their pizza, rather than use the discount vouchers that have become a centrepiece of the firm's business model.


Out of fashion


Pizza Express won a place in UK diners' hearts by managing to appeal to both adults and children. Its low lighting, tall stemmed glasses, and wine bar vibe happily coexist alongside kids' meals and colouring pencils.

But more recently, it has gained popularity for its special offers, which are nearly always available.

Danny Shaw, a footwear branding consultant, wrote on LinkedIn, that this approach is backfiring.

"Pizza Express really isn't fashionable any more." Now, he says, "it's all about discount codes", and that means "it doesn't feel special".

Retail expert Kate Hardcastle agrees that the restaurant chain's relentless focus on discount vouchers and other special offers has "devalued and eroded" the once-strong brand.

On top of that, she accuses Pizza Express of cannibalising its own market by selling its pizzas through supermarkets.

Because "there's nothing very special" about the chain's restaurants, Ms Hardcastle thinks, people may choose to pay less and eat its pizzas at home.


'Nothing right with it'


She says Pizza Express falls squarely into the "middle market" category of chains that have failed to differentiate themselves from their competitors.

Those chains promote "blandness", she tells the BBC. "There's nothing wrong with it, but there's nothing right with it."

Nevertheless, the chain does appear to hold a special place in the hearts of many.

Partly, that's because of its heritage - which stretches back over half a century.


A brief history of Pizza Express


1965: Pizza Express founder, the late Peter Boizot, brought a pizza oven from Napoli and a chef from Sicily to open his first restaurant in London's Soho.

1992: Mr Boizot grew his empire over the following almost-three decades before selling it for £15m to Hugh Osmond and Luke Johnson, the man who was - until recently - chairman of Patisserie Valerie. They floated it on the stock market the next year and ultimately sold out in 1997 when it was worth £150m.

2003: It was taken private again in a £278m deal by two private equity firms who then floated it two years later - although it lasted less than a year on the public markets before it was returned to private equity hands.

2014: It changed hands again, this time to be acquired for £900m by its current owner, Chinese private equity house Hony Capital.

Analyst Peter Backman thinks the brand evokes a nostalgia in people whose parents and grandparents ate at Pizza Express restaurants. They may also have childhood memories of eating at the chain's family-friendly restaurants themselves.

"My family and I would personally miss pizza express," says Jayne Golden, who works for a bank.

Her five-year-old son was diagnosed with coeliac disease last year and she likes that the chain caters for him.

"Being able to eat there - safe in the knowledge his food is prepared in the way it should - has been a blessing to us when others restaurants have let us down," she says.

But Pizza Express is operating in a difficult environment.

Mr Backman says there is too much competition from other High Street chains.

"There are now too many restaurants chasing not enough business so each restaurant suffers," he says, blaming the economic uncertainty around Brexit for putting people off buying meals out.

He says the chain, which depends heavily on EU workers to staff its restaurants, has also struggled to hire since the referendum in 2016, which has driven up its wage bill. On top of that, Pizza Express has been hit by a hike in rates and the weak pound has made it more expensive to import ingredients.

But the firm's biggest challenge, appears to be its debt.

The interest on that £1.1bn is costing the company £93m a year, which wiped out all its operating profit last year.

In fact, the debt payments have pushed Pizza Express into the red for the last two years with a loss of £55m last year alone.


'It may not be the sexiest'


But Mr Backman thinks Pizza Express has something going for it, which many of its younger rivals - like Franco Manca and Pizza Pilgrims - do not.

"People will argue that it's the discounts that are pulling the people in but I'm not 100% convinced," he explains.

"It may not be the sexiest or the most modern," he says. But, he argues: "There is a lot of goodwill towards Pizza Express."

Newsletter

Related Articles

0:00
0:00
Close
Southwest England Faces Flood Alerts After Heavy Autumn Storms
UK Expands Funding for Rapid Electric Vehicle Charging Infrastructure
Welsh Government Approves Funding to Upgrade South Wales Transport
Northern Ireland Tensions Rise as Orange Order Rejects Drumcree Compromise
NHS Leaders Back Early Design of Proposed National Care Service
More Than One-Third of Regional UK Universities Face Financial Deficits
UK Current Account Deficit Narrows as Cross-Border Financial Flows Remain Strong
Bank of England and FCA Issue New Rules for Stablecoins and Digital Assets
MI5 Warns UK Universities Over Research Links With Chinese Institutions
UK Energy Price Cap Rises 4% as Electricity VAT Is Temporarily Suspended
Equity Calls for UK Personality Rights to Protect Performers From AI Replication
OpenAI Pauses Advanced Model Training Following Safety Concerns
Scottish Government Proposes Replacing 32 Councils With Larger Regional Authorities
Ofgem Raises UK Household Energy Price Cap by 4% From October
UK Counter-Terrorism Police Continue Investigation After Five Arrests Near RAF Fairford
OECD Cuts UK 2027 Growth Forecast to 1%
Labour Says State Pension Triple Lock Remains Protected Through Current Parliament
Andy Burnham Pledges National Care Service With Free Social Care in England
Six Flags Permanently Shuts Landmark X2 Roller Coaster Following Safety Scandals
Metropolitan Police Rule Out Terrorism in Golders Green Stabbing Investigation
Lithium-Ion Battery Identified as Cause of Fatal Merseyside House Fire
UK Department Rejects New Sea Use Framework Due to Stakeholder Fatigue
Major Thames Water Pipe Burst Causes School Closures in London
Aldi Commits £900 Million to Expand UK Supermarket Network
Scottish Affairs Committee Warns Skills Shortages Threaten Defence Sector Expansion
Parliamentary Committee Warns Northern Ireland Budget Deadlock is Stalling Economic Growth
NHS Hospitals in England Face Severe Shortages of Essential Medications
Home Secretary Signals Major Overhaul of UK Immigration and Leave to Remain Policies
Chancellor Promises New Job Schemes Alongside Strict Fiscal Discipline
Energy Secretary Proposes Taxpayer-Funded Green Transition and National Electricity Grid
UK Government to Renationalise Avanti West Coast Railway Franchise in March
Prime Minister Andy Burnham Pledges Major Social Care and Infrastructure Reforms
Five Suspects Released on Bail Following Alleged Bomb Plot Near RAF Fairford
UK Diesel Prices Hit Record High of 199p Per Litre
Transport for Wales and Network Rail Complete Electrification of South Wales Metro
Defra Expands Incentives for Sustainable Farming and Biodiversity in England
Northern Ireland Executive Approves Funding Package to Resolve Public Sector Pay Disputes
Universities UK Warns of Financial Insolvency Risks for Higher Education Institutions
UK Prisons Activate Emergency Protocols to Manage Capacity Pressures
UK Government Establishes New Safety Standards for Frontier AI Models
Home Office Tightens Skilled Worker Visa Requirements and Dependent Rules
Ministry of Defence Restructures Royal Navy Frigate Procurement to Prevent Overruns
UK Government Mandates New Housing Targets to Address National Shortage
UK and Scottish Governments Reach Agreement on North Sea Energy Transition
NHS Launches Digital Overhaul to Reduce Surgical Backlogs in England
Bank of England Holds Interest Rates as Service Sector Inflation Persists
UK Chancellor Announces Fiscal Consolidation Measures to Stabilize National Debt
RNLI Chief Executive Condemns Misinformation and Abuse Targeting Volunteer Crews
Metropolitan Police Charge Swindon Man with Assisting Foreign Intelligence Services
British Intelligence Report Warns Environmental Collapse Threatens Global Defense Infrastructure
×