PizzaExpress’s new Chinese private equity owner is eyeing a buyout of the chain’s Hong Kong-based franchise partner as the chain beloved of the British middle classes expands across Asia.
Beijing-based Hony Capital, which acquired the pizza group in a ￡900m deal with Cinven last year, intends to directly acquire 26 franchised PizzaExpress restaurants in China the company said on Monday, and plans to open up to 15 more every year.
“The PizzaExpress board were very keen to grow our business in China before Hony Capital acquired us,” said Richard Hodgson, chief executive. “Our restaurants in China are typically twice as busy as those in the UK.”
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