PizzaExpress - comment

Selling PizzaExpress at £500m must be a mere valuation exercise. We've been asking for a chicken menu for a long time, but an imported brand and three dishes are unlikely to cut it. The asking price sits at almost double what we'd be ready to pay for the business, even as we are still long the equity from the last restructuring. The price would not afford investors par back, but if, just if we'd be able to sell anywhere close to that price, we'd be happy sellers, of course. Management has been good. Only the market hasn't been.

https://www.ft.com/content/99b7000e-d977-457b-baf3-64f2931b044c?syn-25a6b1a6=1