Pizza Express’ short-lived ownership of Firezza, the company expected to super-charge its entry into the pizza delivery market when it bought the business two years ago, cost it more than £11m.
Financial accounts lodged with Companies House by Pizza Express Limited, a non-trading holding company of the main Pizza Express Group, reveals that the losses associated with the disposal of Firezza Limited and Firezza Holdings Limited totalled £11.3m.
Pizza Express snapped up the Firezza business in early 2016 after it successfully built a growing pizza delivery network around the London area.
Following the acquisition Firezza opened its first dine-in restaurant in Soho and planned to roll out more sites across the UK.
But Pizza Express took the surprise decision to offload the business, including 22 sites, in November 2017.
In the period up to the disposal, Firezza had generated a turnover of £7.1m but racked up pre-tax losses of £2.8m.
Pizza Express currently offers a delivery service from more than 200 of its restaurants, in partnership with Deliveroo and Just Eat.