Pizza Express has said it is 'well under way' with plans to open 50 new restaurants as it seeks to bounce back from the heavy toll of the pandemic.
The restaurant chain, which entered the pandemic with a heavy debt burden, has slashed more than 70 restaurants and around 2,400 jobs since Covid hit as part of restructuring efforts to put it on the path to sustainability.
The group concluded a £335 million refinancing in July after it was taken over by bondholders.
It hired former Wagamama boss David Campbell as its chief executive and ex-Asda chief Allan Leighton as chairman to lead its turnaround plan.
Pizza Express has said it is 'well under way' with plans to open 50 new restaurants as it seeks to bounce back from the heavy toll of the pandemic (stock image)
Mr Campbell said the group 'traded strongly' through its delivery and click and collect services during the latest lockdown.
He added: '2021 has been an unusual year, but one that has been transformational for Pizza Express.
'Our core dine-in business has performed well since the reopening of restriction-free dining.
'We are greatly encouraged to see that the combination of product innovation, enhanced service, better marketing - particularly across digital platforms, diminished discounts and prices held at 2019 levels has driven our outperformance of the market.'
The restaurant chain, which entered the pandemic with a heavy debt burden, has slashed more than 70 restaurants and around 2,400 jobs since Covid hit as part of restructuring efforts to put it on the path to sustainability (stock image)
The company said it delivered revenues of £182.5 million for the eight months to September 5.
Meanwhile, its earnings before interest, taxes, depreciation and amortization were £22.2 million.
The firm said it is on track with its plans to open 50 new restaurants, with a new Cannock site due to open later this month, and refurbish 300 existing restaurants over the next three years.
Pizza Express highlighted that its businesses in Hong Kong and UAE are now 'trading profitably' but said it expects these to remain under trading restrictions for the rest of the year and potential into the first half of 2022.
The plans for 50 new restaurants see a reversal of fortunes for the restaurant chain which in October announced plans to cut 1,300 jobs after facing a profit hit due to tough coronavirus restrictions.
Bosses said the move would not involve closing down restaurants, but instead focus on a 'slimming down' of its staffing team.
The group concluded a £335 million refinancing in July after it was taken over by bondholders (stock image)
Months earlier, in August, the chain announced it would close 73 of its restaurants and cut 1,300 jobs across Britain in a bid to stay afloat in the aftermath of last year's lockdown.
Bosses last year said the chain's High Street restaurants had been the worst hit, but said suburban and out-of-town locations had seen more resilient trading.
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