UK restaurant group Pizza Express has received a takeover offer of between £3.30 and £3.50 per share, valuing the group at £251m (US$390.4m).

Pizza Express, which operates over 300 outlets in the UK, had reported sluggish sales in its core Pizza Express restaurants due to tough industry conditions and a downturn in tourism.

Chief executive David Page said he wanted to spend £13m over the next two years refurbishing older restaurants and to review the chain’s menu.

Pizza Express has not said who the takeover offer is from, reported BBC Online.