Simon Mydlowski shares comments with national media on Pizza Express debts
Monday 7th October 2019
Simon Mydlowski, partner at law firm Gordons and hospitality industry expert, has been quoted in the national media, reacting to the news that Pizza Express has reportedly hired financial advisors as it heads for talks over its huge debts.
The restaurant chain’s accounts from the end of last year found that it is currently £1.12bn in debt – averaging at £1.9m per restaurant.
Commenting on the news, Simon said: “Following news in May that Jamie’s Italian had gone into administration, it is perhaps unsurprising that another major high-street name looks to be struggling. Pizza Express is seen by many as a more innovative, mainstream brand, but it is struggling with its cost base which is affecting the operating and profitability of the chain.”