Restaurant chain Pizza Express may return to the stock market less than two years after it was taken private by private equity firms TDR Capital and Capricorn Ventures, according to a weekend newspaper report.
“TDR is understood to be looking to appoint an investment bank to advise on strategic options for the business, including a flotation or sale,” the Sunday Telegraph newspaper said. The paper said that a “beauty parade of banks,” had been held earlier this year and three investment advisers were understood to have been shortlisted.
Pizza express was taken private for £278 million (US$523 million). TDR had closed down some unprofitable restaurants at PizzaExpress which has 320 outlets. “PizzaExpress is now understood to be delivering double-digit percentage rises in like-for-like sales,” the paper said.