PizzaExpress Owner Strengthens Its Hand Against Firm’s Creditors

Hony will gain control of lower-ranking debt through tender
Firm hasn’t responded to investor group’s funding offer

An employee places toppings onto a pizza base in the kitchen of a PizzaExpress restaurant in London.Photographer: Chris Ratcliffe/Bloomberg

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By Katie Linsell and Luca Casiraghi

November 21, 2019 at 12:14 PM UTC

Updated on

November 21, 2019 at 1:47 PM UTC

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PizzaExpress Ltd.’s Chinese owner is set to become one of its biggest individual creditors, giving it a stronger hand in any battle to overhaul the struggling U.K. restaurant chain.