Please find our updated analysis on PizzaExpress here.

Note: Beta testers can check PizzaExpress on the Beta portal here.

One swallow does not a spring make, or so goes the saying. If H126 is that swallow, we might still be early to be betting on the spring. Next year's comps will be tough, and Mr. Burnham is unlikely to lower taxes, NLW, or business rates. But looking across the spectrum, 11% YTW for 66% LTV (no assets here) and marginal interest coverage is not all bad. Profits are slim, and the pizza is slimmer, but pizza requires less Ozempic than burgers or Wagamama. Not quite Chicken, but perhaps a reason to return to an old national favourite.

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Selling PizzaExpress at £500m must be a mere valuation exercise. We've been asking for a chicken menu for a long time, but an

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Better late than never. Not relevant to the bonds in the short term, but following a family (due diligence) visit to Britain’s favourite pizza chain, one thought

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Nothing revolutionary to drive bonds either way. Q126 was astonishingly on target. Prior to that, Q425 Progress ever so slightly

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Please find our updated analysis on PizzaExpress here.

UK consumer spending seemed to be turning a corner in summer, and back-to-school has gone well. However,

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All is great. The bonds are worth par, and we should refi. Rumours are out that Apollo are bidding for Papa John’s at 13.7x EBITDA. Surely, we don’t have to

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We are slightly disappointed by this morning’s release of revenue and gross margin, coming in with an EBITDA -10% (£-4m) lower than we had

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Please find our updated analysis of Pizza Express here.

Now that the bonds have been exchanged and the leverage is reduced, at least in gross terms, the situation looks clear enough for a

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Operationally Britains favourite pizza chain remained well on forecast. The only major differences were in Working Capital, which produced

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The PizzaExpress Live Discussion is available as videos on the website, here.

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Please find our all new analysis of Pizza Express here.

Some decades favour consumers, others don’t. Back in the 80s, London restaurants were stagnating, and formats were ageing. Along came the

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As per our previous note, Wheel Bidco did not end up making an offer for The Restaurant Group, which was

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Wagamama is of course a great asset, and creating a UK restaurant group around some of its favourite foods sounds like a great idea. But we see the Pizza Express approach

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Q3 results have been very encouragingly strong for the UK QSR Chain. Having gone through a CVA and bond restructuring last

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