Gondola Holdings enjoys strong growth in first year back on stock market

Gondola Holdings, owner of PizzaExpress, has issued its first - and potentially last - set of full-year results since listing in November.

The company, which has 520 restaurants, including brands such as Zizzi and Ask, has been approached by private equity company Cinven in a 415p-per-share cash offer, although no formal takeover bid has yet been made.

Restaurant sales at the group were 7.4% higher than a year ago in the 53 weeks to 2 July at £394m, and pre-tax profit was £18.2m after exceptional items of £12.6m.

Gondola opened 23 new restaurants during the year and plans to open 25 to 30 new sites in the next year.

In a bid to tap into the UK’s “coffee culture”, the group’s three main brands are developing a new coffee and hot drink range, which will be rolled out across the estate during the next 12 to 18 months.

Like-for-like sales in the 11 weeks to 17 September were up 7.1%, with total restaurant sales 12.2% ahead.

Gondola Holdings set to return to private hands under Cinven >>

PizzaExpress and Ask boost half-year sales by 8% >>

Gondola Holdings to float >>

By Chris Druce

E-mail your comments to Chris Druce here.

Get your copy of Caterer and Hotelkeeper every week - click here to subscribe and save 25%.