London Daily

Focus on the big picture.
Friday, Apr 03, 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
Trump’s Strategic Pressure on UK Seen as Push for Stronger Alignment and Fairer Terms
UK Focuses on Trade Finance to Secure Critical Materials for Defence and Energy Sectors
Majority of UK Businesses Hit by Middle East Conflict While Confidence Holds Firm
UK Royal Navy Faces Renewed Scrutiny as Debate Intensifies Over Capability and Readiness
Reform UK Faces Mounting Distractions as Policy Agenda Struggles to Gain Traction
Investigation Launched Into Northern Cyprus IVF Clinics After UK Families Receive Incorrect Sperm
International Meeting Issues Unified Call to Safeguard Navigation Through Strait of Hormuz
Potential Strait of Hormuz Closure Raises Concerns Over UK Food and Medicine Supply Chains
UK Leads Coalition of Over Forty Nations Urging Iran to Reopen Strait of Hormuz
UK Secures Tariff-Free Access for Medicines in Landmark US Pharma Trade Agreement
King Charles III Invited to Address Joint Session of U.S. Congress in Rare Diplomatic Honor
Debate Grows Over Whether Expanded North Sea Drilling Can Reduce UK Energy Bills
UK Faces Heightened Risk of Jet Fuel Shortages, Airline Chief Warns
UK Ends Police Investigations into Lawful Social Media Posts After Review Finds Overreach
Abramovich Moves to Establish Charity for Frozen Chelsea Sale Proceeds Amid UK Dispute
Starmer Reaffirms NATO Commitment While Responding to Trump’s Strategic Critique
UK Aid Reductions Raise Fears of Severe Human Impact Across Parts of Africa
UK Signals Renewed Push for EU Cooperation as Iran Conflict Reshapes Security Landscape
Bank of England Signals Caution as Bailey Advises Markets Against Expecting Rate Hikes
UK to Convene Global Coalition to Restore Shipping Through Strait of Hormuz
Trump Signals Possible NATO Reassessment, Emphasizes Stronger U.S. Strategic Autonomy
Australia Joins British-Led Efforts to Reopen Strait of Hormuz Amid Escalating Tensions
King Charles Plans US State Visit as UK Strengthens Ties with Trump Leadership
UK Regulator Launches Investigation Into Microsoft’s Business Software Practices
Kanye West Set for High-Profile Return to UK Stage at Wireless Festival
Trump Presses Europe to Strengthen Commitment as Iran Conflict Escalates
UK to Deploy Additional Troops to Middle East Amid Rising Regional Tensions
UK Authorities Face Claims of Heavy-Handed Measures in Monitoring Released Pro-Palestine Activists
Trump Calls on UK to Secure Its Own Energy as Iran Conflict Intensifies
Nigel Farage Declines Invitation to UK Conservative Conference Led by Liz Truss
Trump Warns Allies to Take Responsibility as Rift Deepens with UK and France Over Iran Conflict
How Britain’s Prime Minister Controls U.S. Bomber Access in Escalating Iran Conflict
Trump Urges Allies to Secure Their Own Oil Supplies as Hormuz Crisis Disrupts Global Energy
Russia Expels British Diplomat as UK Pushes Back Against Pressure
White House App Faces Scrutiny After Claims of Continuous User Location Tracking
BBC Faces Scrutiny Over Allegations of Paid Content Linked to Saudi Arabia
UK-France Coastal Patrol Agreement Nears Breakdown Amid Migration Pressures
UK Police Detain Pro-Palestine Activist Again Weeks After Bail Release
FTSE 100 Advances as Energy and Mining Shares Gain Amid Middle East Tensions
Eli Lilly Seeks UK Pricing Deal to Unlock Renewed Pharmaceutical Investment
Three Arrested in UK After Massive Cocaine Haul Discovered Hidden in Banana Shipment
UK Fuel Prices Poised for Further Surge Amid Global Energy Pressures
Apple Subsidiary Penalized by UK Authorities for Breach of Moscow Sanctions
Western Allies Intensify Coordinated Sanctions Strategy Against Russia
UK Lawmakers Face Criticism Over Renewed Push for Social Media Restrictions
Starmer Signals UK Crackdown on Addictive Social Media Features
Rising Costs Push One in Five UK Hospitality Businesses to the Brink of Closure
Man Arrested on Suspicion of Attempted Murder After Car Strikes Pedestrians in UK, Injuring Seven
Escalating Conflict Involving Iran Tightens Fiscal Pressures and Highlights UK Economic Vulnerabilities
UK Moves to Confront Russian ‘Shadow Fleet’ Operating in Its Waters
×