LONDON: Pizza Express, the debt-laden restaurant chain, has asked for due diligence from The Restaurant Group PLC (TRG), the owner of Wagamama and other brands. This could lead to a rival offer for TRG, which has already agreed to a £500 million takeover by Apollo Global Management.
Wheel Topco, the entity that controls Pizza Express, has not made a formal bid yet and there is no guarantee that it will. TRG has advised its shareholders to take no action regarding Wheel Topco’s request.
Pizza Express is not the only one interested in TRG, as other potential bidders are also exploring their options. Analysts believe that Pizza Express could benefit from merging with TRG, as it could cut costs and expand its portfolio.
Pizza Express’s chairman, Allan Leighton, has a connection with Wagamama, as he was its former chairman and helped sell it to TRG in 2018.