Pizza Express - Next one to collapse?
Discussion
oyster said:
Another thread full of the uninformed yet very vocal objectors.
It seems if you don’t frequent the company or work in the industry, then your armchair expertise is shouted even more loudly.
As to the ‘dense as mince’ idiots who alway spout ‘“good riddance” on these threads, I presume you’d happily say that to an ex-employee in the pub?
Thought not.
It seems if you don’t frequent the company or work in the industry, then your armchair expertise is shouted even more loudly.
As to the ‘dense as mince’ idiots who alway spout ‘“good riddance” on these threads, I presume you’d happily say that to an ex-employee in the pub?
Thought not.
Increasingly par for the course, sadly,
Yertis said:
I love Pizza Express. I can’t honestly say I’ve ever had the crap service reported here, it’s like you’re talking about a different brand. OTOH Franco Manco is a wretched pretentious place and horrible eating experience. Yuk.
I tend to agree on PE. My kids love it (7 and 4) and the local one is very good - good staff, decent environment and the food's good.tbf I've only been in one Franco Manca and thought that was good too.
Couldn’t be more opposed to the majority on here..... I derive very little utility/value indeed from eating out these days, however love Pizza Express’s pizzas/experience (admittedly the drinks prices are rather sharp.) closest I’ve had to genuine fresh stone baked Italian pizza that’s readily available outside of Italy, and will miss it if it goes
av185 said:
The £6 charge for a bottle of Peroni really is taking the piss.
Won't be going back.
It’s 6-7 quid for a 660ml I.e. two bottles of regular size. Craft stuff aside Peroni is the most costly lager going and is still imported from Italy. 6 quid for the equivalent of two bottles in a restaurant setting is a bargain. Won't be going back.
CoolHands said:
I quite like it. I’m amazed a company that appears fairly normal, can rack up such enormous debt and f
k up what is a very simple restaurant model. It’s just pizza for God’s sake! So easy, and people like eating it. How hard can it be?
Because not enough people are eating there?k up what is a very simple restaurant model. It’s just pizza for God’s sake! So easy, and people like eating it. How hard can it be?The range they had in Iceland last couple of years was really good. The lasagne and other bits incl pizza really good quality, unfortunately they did what most do, and reduce the quality and simplify the range after 6 months (but not the price), and hope no one notices, then flounce off when it doesn't fly out the shop. The chilled PE pizzas sold in Sainsbury's etc are almost never sold at full price, i.e. Always on offer. Apparently the supplier stands this not the supermarket, not good for margins.
Borghetto said:
There first two branches were Kings Rd Chelsea and Notting Hill Gate. These were prime locations even in the 60's.
Well, not quite. Chelsea branch was Fulham Road. My Sunday afternoon holiday treat as a little ‘un before the train back to boarding school. That and of course, Covent Garden and afterwards to Montpeliano in Montpelier St and latterly Kitchen Toto in Hans Crescent.
Le Gavroche as a 12 year old was pretty nice too.
easytiger123 said:
It's a chain of pizza restaurants. A couple can eat there for £40 tops. They are £655 million quid in debt. This isn't about Pizza Express. It's about a different PE...private equity. Their private equity owners have loaded them up with debt while raping the business for their own benefit. Quite why anyone lends these s the money is beyond me.
Is the correct answer. Almosts the money is beyond me.Last accounts show that
There are 627 restaurants. If the £543m total revenue, £528m is from restaurants. All the other stuff is just noise really
Rent is £69m
Wages for 14,037 staff = £193m
Intangible assets valued at £900m
Gross profit £125.5m, operating profit £38.2m
Finance costs for the year = £93.4m
The total debt is £1.1 billion:
£465m at 6.625% repayable Aug 2021
£200m at 8.625% repayable Aug 2022
£307.6m at 10% repayable Aug 2024 (loan from parent company). As the interest on this rolls up, the balance owed is £466.9m
5490 said:
I'll be honest and say I'm a fan of PE, although I'm fully aware it's a chain and wouldn't be surprised to find a Brake's lorry idling round the back. its better than the Hut and I think that is their main selling point.
Close. It's Bidvest. So all mass-produced made in a factory for about 10 pence each by NMW eastern european's somewhere and then frozen and delivered once a week on an artic and flogged to you for £20 a time. The notiom some seem to have that they're freshly made in the back by a proper chef is 
. Joey Deacon said:
I suspect they will do a Prezzo and close a third of their restaurants in the hope they can keep ticking along until the economy improves.
Pretty obvious to anyone that all of these casual dining chains that appeared out of nowhere over the last ten years are in trouble. The growth was not real growth, it was financed with debt and that debt is not serviceable if there is any slowdown in sales.
The only one that seems to buck the trend is Nandos, I suspect this is because people are prepared to spend £25 as a couple compared to £60 at Pizza Express for a glorified Pizza.
I do some work for Prezzo and Nando's and you are very close. I wouldn't be surprised if Prezzo vanish completely in due course, but Nando's are thriving. Pretty obvious to anyone that all of these casual dining chains that appeared out of nowhere over the last ten years are in trouble. The growth was not real growth, it was financed with debt and that debt is not serviceable if there is any slowdown in sales.
The only one that seems to buck the trend is Nandos, I suspect this is because people are prepared to spend £25 as a couple compared to £60 at Pizza Express for a glorified Pizza.
eccles said:
5490 said:
I'll be honest and say I'm a fan of PE, although I'm fully aware it's a chain and wouldn't be surprised to find a Brake's lorry idling round the back. its better than the Hut and I think that is their main selling point.
I think they think of themselves as better than 'Hut', but in my limited experience they're not, and they are more expensive.JPJPJP said:
easytiger123 said:
It's a chain of pizza restaurants. A couple can eat there for £40 tops. They are £655 million quid in debt. This isn't about Pizza Express. It's about a different PE...private equity. Their private equity owners have loaded them up with debt while raping the business for their own benefit. Quite why anyone lends these s the money is beyond me.
Is the correct answer. Almosts the money is beyond me.Last accounts show that
There are 627 restaurants. If the £543m total revenue, £528m is from restaurants. All the other stuff is just noise really
Rent is £69m
Wages for 14,037 staff = £193m
Intangible assets valued at £900m
Gross profit £125.5m, operating profit £38.2m
Finance costs for the year = £93.4m
The total debt is £1.1 billion:
£465m at 6.625% repayable Aug 2021
£200m at 8.625% repayable Aug 2022
£307.6m at 10% repayable Aug 2024 (loan from parent company). As the interest on this rolls up, the balance owed is £466.9m
Lemming Train said:
Close. It's Bidvest. So all mass-produced made in a factory for about 10 pence each by NMW eastern european's somewhere and then frozen and delivered once a week on an artic and flogged to you for £20 a time. The notiom some seem to have that they're freshly made in the back by a proper chef is .
Cant remember the last time i eat in a PE, . possibly 5-10’ years ago - but is that true? Surely cooking pre-made pizza would of been spotted and called out before?
eliot said:
Lemming Train said:
Close. It's Bidvest. So all mass-produced made in a factory for about 10 pence each by NMW eastern european's somewhere and then frozen and delivered once a week on an artic and flogged to you for £20 a time. The notiom some seem to have that they're freshly made in the back by a proper chef is .
Cant remember the last time i eat in a PE, . possibly 5-10’ years ago - but is that true? Surely cooking pre-made pizza would of been spotted and called out before?
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