Chinese Takeaway For £900m PizzaExpress Chain

PizzaExpress is to be sold to a Chinese firm for £900m - a transaction described as the largest in the European restaurant sector in five years.

The British restaurant chain has 436 outlets in the UK and another 68 around the world, including 22 in China.

Owners Gondola Group said it agreed the sale with Chinese private equity firm Hony Capital which mostly invests in consumer, manufacturing and healthcare sectors.

John Zhao, chief executive of Hony, said: "Hony Capital is delighted to have acquired PizzaExpress, a well-established and exciting brand.

"With PizzaExpress, we have the opportunity to leverage our local expertise to accelerate its growth in the Chinese market, as well as to continue to drive its business forward in the UK."

Harvey Smyth, chief executive of Gondola Group, said: "PizzaExpress is an iconic brand in the UK restaurant sector with a strong and growing international presence.

"This has been reflected in the considerable interest we received in buying the business and in today's transaction with Hony.

"PizzaExpress is stronger than ever and great credit for this goes to the teams there, who leave Gondola with our thanks and best wishes for the future."

Founded in 1965, the chain has been through multiple changes of ownership, including at one stage being run by restaurants entrepreneur Luke Johnson.

The business is now headed by Richard Hodgson, a former Asda and Wm Morrison executive, who joined a year ago.

Mr Hodgson said: "Today's acquisition of PizzaExpress is a very positive development at an exciting time for the business.

"Asia is a key part of our future growth strategy and Hony's expertise in this region will be invaluable. We are looking forward to working with them on this as well as our ambitious UK growth plans."