PizzaExpress reported a total comprehensive loss of £5.3m for the 52 weeks ended 29 December 2024, compared with a profit of £1.94m in the previous period.

The loss included an £11.18m impairment charge on intercompany receivables, up from £4.47m the year before.

At year-end, the company was in a net liability position of £74.53m and held cash of £17.38m Net current liabilities stood at £69.96m. PizzaExpress is part of the Wheel Topco group, which has confirmed ongoing financial support for the company and its subsidiaries. Directors said this ensures the business can meet its obligations for at least the next 12 months, despite the net liability position.

The group completed a debt refinancing in May 2025. Shareholders provided £20m of new equity, combined with £35m of cash, to fund a £55m partial repayment of £335m in senior secured notes.

Remaining notes were extended to September 2029 at a 9.875% coupon. The revolving credit facility was also amended, with £24.75m extended to March 2029 and £5.25m available until January 2026.

After refinancing, the group holds £280m of senior secured notes alongside the revolving facility.

The company said its financial risks, including liquidity and foreign exchange exposure, are mitigated by parent company support. Directors have reviewed both base case and downside financial projections and concluded the business has sufficient liquidity to fund operations for at least 12 months, with additional mitigation measures available if required.