Pizza Express has lined up investment bankers to explore a sale that would value the UK high street dining group at up to £500mn, six years after creditors took control in a restructuring. The company, whose owners include Bain Capital’s special situations unit and Cyrus Capital Partners, is working with bankers at Rothschild after receiving approaches from both industry bidders and investment firms, according to people familiar with the matter.

The chain, known for its “American Hot” and “Sloppy Giuseppe” pizzas, could be worth up to £500mn in a deal, the people said, cautioning that discussions remained preliminary and there was no certainty a deal would be struck. Since first opening in London’s Soho in 1965, Pizza Express has expanded to more than 360 restaurants across the UK and Ireland, with franchise operations in a dozen other countries.

The business posted flat sales of £440mn in 2025 while its adjusted earnings before interest, tax, depreciation and amortisation rose 6.3 per cent to £53mn. It reported sales of £112mn in the first quarter of 2026, a 3.7 per cent increase from the same period a year earlier. Bain, Pizza Express and Rothschild declined to comment.