PizzaExpress secures refinancing deal: PizzaExpress has agreed a refinancing deal with more than 97% of its existing bondholders. The company said the refinancing agreement follows a good opening quarter for the brand with like-for-like sales up 1.3% for the first two months, compared with last year. The company said it has received strong support to extend the maturity of its senior secured notes from July 2026 to September 2029. As part of the refinancing, there will be £55m par debt paydown, reducing the group’s debt position to £280m. PizzaExpress said will have a “robust liquidity position on completion, supported by its strong track record of cash generation”. As part of the deal, the company’s shareholders will inject £20m equity to partially fund the debt paydown, demonstrating “their continued support for the business”. Paula MacKenzie, chief executive of PizzaExpress, said: “We are pleased with our start to the year, and completing a landmark refinancing ends the first quarter strongly. This year we celebrate being 60 years young with PizzaExpress fans up and down the country, and our focus remains unchanged as ever…delighting each and every one.” PizzaExpress features in the Premium Club Turnover & Profits Blue Book, which is available exclusively to Premium Club members and features 1,092 companies. PizzaExpress’ turnover of £454,566,000 in the year to 31 December 2023 is the 31st highest in the database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.

Nettleton Collection acquires fourth hotel funded by new £5m loan facility: Hotel group The Nettleton Collection, which operates hotels in Devon and Cornwall, has acquired a fourth hotel, funded by a new £5m loan facility. The group has added the Budock Vean Hotel, a four-star location in Falmouth that went on the market at the end of 2023, with a £7m asking price, after being owned by the Barlow family for 37 years. “Budock Vean is a 50-room hotel located on the banks of the Helford River, set in 65 acres of gardens, and features its own golf course, spa, self-catering holiday homes and tennis courts,” said director James Nettleton. “Budock Vean is a unique property with a deep-rooted history in Cornwall’s hospitality landscape, and the directors look forward to honouring its legacy while bringing new innovations that will elevate its charm and appeal for today’s discerning travellers.” The acquisition came after the company reported turnover of £17,211,108 for the year ending 31 March 2024, up from a restated £15,741,090 in 2023. Pre-tax profit also increased from £695,559 to £1,063,134, with the 2023 figure including £324,500 in covid-era insurance payments (2024: nil). Ebitda grew from £1,523,000 to £2,220,000. Dividends of £150,000 were paid (2023: £250,000). Nettleton said during the year, work on new wellness suites at Boringdon Hall was completed and “has been well received”. He added the group’s results also incorporate the results for Gaia Skincare, founded by Diana Nettleton in 2016, “which has continued to win new spa partners as it moves to a break even position”.