Pizza Express RCF, Closures and Government

All,

Please find our updated analysis here.

PE’s new 70m SSRCF was provided by HPS who don’t seem to hold any other position in the capital structure. 

Our current modelling values the SSNs at 68p/£, although that does not yet include any benefits from tonights announcements regarding government support for salaries and VAT.

We have recently exited our position in the SSNs and are watching further developments from the sidelines.

Wolfgang