PizzaExpress has secured a £55m refinancing deal backed by its private equity owners, with shareholders injecting £20m of fresh equity into parent company Wheel Topco to strengthen the group’s capital structure.

The transaction will reduce the company’s total debt to £280m and extend the maturity of its senior secured notes from July 2026 to September 2029. The refinancing received strong support from the company’s investor base, with over 97% of bondholders backing the extension.

The move follows a solid trading start to the year, with like-for-like sales up 1.3% over the first two months. The company said it expects to maintain a robust liquidity position following the deal.

The recapitalisation arrives 18 months after Wheel Topco considered an acquisition of Wagamama owner Restaurant Group but ultimately opted not to pursue a bid due to market conditions. Restaurant Group was later acquired by Apollo Global Management for £506m.

PizzaExpress operates around 350 sites across the UK and is one of the country’s largest casual dining chains.