Pizza Express has moved a step closer to a return to the stock market in the last few days after interviewing a number of investment banks.
Citigroup, Deutsche Bank, Merrill Lynch, Morgan Stanley and UBS have been presented to the group’s owner TDR Capital.
TDR wants to hire a bank to advise it on strategic options for Pizza Express, the most likely of which is a flotation. TDR are expected to make a decision on which adviser to appoint in the next few weeks.
Pizza Express is thought to have a value of between £800m and £1bn including the group’s debt.
TDR, which took Pizza Express private in June 2003 for £278m, is thought to be returning it to the stock market after the business plan was met earlier than expected.
The group has about 500 restaurants.
References: The Sunday Times Business 17/04/05 page 3
