US Trends

who owns pizza express

PizzaExpress is owned by a group of financial investors that control its parent company, rather than by a single individual or a stock-market listing.

Who owns PizzaExpress now?

  • PizzaExpress is owned through a holding company called Wheel Topco, which sits above PizzaExpress in the corporate structure.
  • The largest shareholder in Wheel Topco is Bain Capital Special Situations , a division of the global investment firm Bain Capital.
  • Bain Capital Special Situations, together with investor Cyrus Capital Partners and other bondholders, took control of PizzaExpress in 2020 via a debt‑for‑equity swap after the previous owner Hony Capital.

In simple terms: PizzaExpress is currently owned by its bondholders and investment funds, led by Bain Capital Special Situations, rather than by Hony Capital or by a founder family.

How did ownership get here?

  • 1965–1993: Founded and privately owned by Peter Boizot in London.
  • 1993–2003: Floated on the London Stock Exchange; major shareholders included Boizot and David Page.
  • 2003–2007: Taken private by TDR Capital and Capricorn Associates, then re‑floated as part of Gondola Holdings.
  • 2007–2014: Owned by private equity firm Cinven (via Gondola Group).
  • 2014–2020: Sold to China‑based private equity firm Hony Capital for about £900m.
  • 2020–present: Control passed to bondholders and a group of investors (including Bain Capital Special Situations and Cyrus Capital Partners) through a restructuring; Bain Capital is now the largest shareholder in the parent company.

Any recent news or changes?

  • PizzaExpress underwent major restructuring in 2020–2021, closing dozens of UK restaurants and cutting debt by over £400m.
  • In 2025, Bain Capital Special Situations agreed to inject about £30m into PizzaExpress’s parent company to help refinance its debt, confirming its role as the key shareholder and long‑term backer.
  • The group is targeting significant global growth (aiming for around 1,000 restaurants worldwide by 2030), so the current investor ownership is geared around expansion and debt management.

Mini FAQ

Is PizzaExpress still Chinese‑owned?
No. Hony Capital, a Chinese private equity firm, used to own PizzaExpress but exited when the business passed to its bondholders and new investors in 2020.

Is PizzaExpress publicly traded?
No. It is privately owned through investment funds and its bondholder‑backed holding company, not listed on a stock exchange.

Information gathered from public forums or data available on the internet and portrayed here.