PizzaExpress is planning to buy out its Hong Kong-based franchise partner, in a move that will affect 26 franchised PizzaExpress restaurants in China.
PizzaExpress’s chief executive officer, Richard Hodgson, said there was “significant potential” in China. The restaurant chain, which was acquired last year by Chinese private equity firm Hony Capital, plans to open between 10 and 15 new PizzaExpress restaurants a year in China. That compares with around 20 new restaurants a year planned for the UK.
The announcement came as PizzaExpress reported a 15.8% rise in EBITDA in the six months to 11 January, and a 9.4% increase in revenue.
