Hony Capital Takeover Pizza ExpressRaymond Billings (Author) Published Date : Jul 13, 2014 12:29 ET
Chinese firm Hony Capital bought the famous restaurant chain Pizza Express for around 900m after the company showed the interest in the food business.
Hony won the bid ahead of five firms who participated in the auction and gained the biggest deal of the sector recently.
Pizza Express had their 436 restaurants only in UK where it has 68 restaurants all over the world where China itself has 22 restaurants in their country and at least 9,000 employees working under this company.
And according to the CEO of the company Richard Hodgson this was part of their future strategy of growth to expand business in Asia.
He also said about the sale which was a very positive development at an exciting time for the business.
The Pizza restaurant also has their branches in Hong Kong which has nine restaurants along with restaurants in Bali, India and Saudi Arabia.
According to Hony Capital the plan was to expand the business in China along with UK as the restaurant has its own brand value.
This was also a significant sign for the Asian power house which is taking over a business from the UK as this deal was part of that.
Another example would be the recent Dorset luxury yacht making company Sunseeker International was bought by a Chinese property and entertainment multinational giant Dalian Wanda.
Hony Capital Takeover Pizza Express