Pizza Express chief calls it a day
IAN Eldridge, the chief executive of PizzaExpress, has quit after almost 19 years with the restaurant chain. The group gave no reasons for his departure but said chairman David Page would take over the role.
'We are sorry to be losing Ian,' said Page. 'Over the years, and particularly since flotation of the business in 1993, Ian's operational leadership has been invaluable.'
The group also posted first-half profits in line with market forecasts and said it was confident of its full-year performance, despite tough trading.
Profits at the firm, which owns or franchises around 290 pizza eateries in the UK and internationally, climbed 12% to £21.8m for the six months ended December, before tax and one-off items. Like-for-like sales at pizza restaurants in the UK and Ireland rose 3%. Total turnover rose 16% to £103.8m.
Like most of its peers, Pizza Express has been hit by a drop in inbound tourism to the UK following the 11 September attacks on the US. It is closing its two restaurants in the US, at a one-off cost of £700,000. Like-for-like sales at the Cafe Pasta restaurants fell 1% in the first half.
The firm proposed an interim dividend of 2.5p a share, a 25% increase on the year before.
