Reportedly about to engage in talks with creditors.
Apparently has £1.6m of debt per restaurant...!
Apparently has £1.6m of debt per restaurant...!
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[Food] Pizza Express on the brink?
- Thread starter Wozza
- Start date
studio150
Well-known member
Not surprised, as always felt that you could get a better pizza for a lower price elsewhere, and rarely go to Pizza Express
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,015
been carrying large debt for years, consequence of expansion. found the service poor at multiple outlets, i dont think they train very well, except for trying to up sell.
Tom Hark Preston Park
Will Post For Cash
- Jul 6, 2003
- 72,327
How is that even possible?
- Thread starter
- #7
I had too many snowball dough balls last time I visited PE.
Makes me feel ill thinking about it.
Makes me feel ill thinking about it.
Cowfold Seagull
Fan of the 17 bus
Thunder Bolt
Silly old bat
I'm not surprised either. I went once, at lunchtime, with some colleagues, and ordered a salad. The dressing on the salad was awful.
I never went again.
Mr Putdown
Well-known member
Owned by the Chinese these days, Jinlong Wang is the chairman.
Miami Seagull
Grandad
True, they had their day I'm afraid. A little overpriced even back then but they used to turn out good food back in the day.
It is crazy when you look at it per outlet. Maximising debt into the business reduces taxable profits. Effectively the owners make their money through financing rather than successful business and dividends. That's never going to be sustainable in the long term.
Remember being taken to one of the original central London ones as a kid in the early 80s as a treat.
Remember being taken to one of the original central London ones as a kid in the early 80s as a treat.
Poor Locations - many chains have been competing and massively overpaying for prime sites and tying themselves into very long term deals, to hit the too lazy to cook market.
Poor Service - too many chains neither match the quality or service offered by the best independents.
Changed market - home delivery services are suddenly having a massive impact. You don't need tables on the high street, you need somewhere, where mopeds can pick up. It also impacts sell through, so all the high margin stuff like soft drinks, coffees and deserts, don't get on the deliveroo order.
- Thread starter
- #15
If they fold, will they become Calzone Express?
(Joke nicked from Twitter)
(Joke nicked from Twitter)
High Street dying on its arse.
Still, we get what we ask for. Convenience online shopping is lining the pockets of the VC companies and the arrogant fat cat dotcommers. We’ve simply replaced fat cats in pinstripes with fat cats in jeans and t-shirts.
Sent from my iPhone using Tapatalk
Still, we get what we ask for. Convenience online shopping is lining the pockets of the VC companies and the arrogant fat cat dotcommers. We’ve simply replaced fat cats in pinstripes with fat cats in jeans and t-shirts.
Sent from my iPhone using Tapatalk
nicko31
Well-known member
My kids like it for a treat but really overpriced. I can make pizza at home now I have a pizza steel for about a quid, just as good
marcos3263
Well-known member
I'm not a great fan as I would prefer to go to an independent but inevitably end up going if we go away and cant find an alternative plus some unadventurous friends of ours think it is their favourite restaurant and insisted we went for her birthday!
They couldn't cope with a party of 4 couples and royally messed up the order plus the heating was broken plus they had run out of something obvious (cant remember what it was now) so that was a shambles.
A few months ago (or maybe last year thinking about it) we couldn't be arsed to cook or wash up so looked at options and we worked out if we cashed in some Tesco vouchers we could eat at Pizza express for free.
We went on a Tuesday evening and there were only 3 other couples/small families who were also all using vouchers. Everyone was on tap water - I assume for cost. It was the most depressing place with no buzz and no enthusiasm. The food was prompt as they were not busy but the waitress was miserable as she could see she wouldn't be getting any tips.
So in essence no loss but another big hole in the high street - Worthing looked very sad yesterday with the volume of empty shops.
They couldn't cope with a party of 4 couples and royally messed up the order plus the heating was broken plus they had run out of something obvious (cant remember what it was now) so that was a shambles.
A few months ago (or maybe last year thinking about it) we couldn't be arsed to cook or wash up so looked at options and we worked out if we cashed in some Tesco vouchers we could eat at Pizza express for free.
We went on a Tuesday evening and there were only 3 other couples/small families who were also all using vouchers. Everyone was on tap water - I assume for cost. It was the most depressing place with no buzz and no enthusiasm. The food was prompt as they were not busy but the waitress was miserable as she could see she wouldn't be getting any tips.
So in essence no loss but another big hole in the high street - Worthing looked very sad yesterday with the volume of empty shops.
Beach Hut
Brighton Bhuna Boy
Actually went to the one in Worthing a few weeks back for lunch and it was shockingly shit
https://www.hulldailymail.co.uk/news/business/pizza-express-in-trouble-debt-3400945
Just wow - £1bn in debt - how can an organisation ever get to this situation?
Just wow - £1bn in debt - how can an organisation ever get to this situation?