Chinese private equity firm Hony Capital has bought restaurant chain Pizza Express for around £900m.
Richard Hodgson, chief executive of the UK Gondola Group – which also owns UK pizza chains Zizzi and ASK Italian – said Asia expansion was a “key part” of the chain’s growth strategy and described the acquisition as a “very positive development”.
There are currently 12 Pizza Express restaurants in Hong Kong and nine in Shanghai. The first Pizza Express restaurant in Beijing opened earlier this year.
John Zhao, chief executive of Hony Capital, said the company would “leverage our local expertise” to develop brand growth in Asia.