PIZZAEXPRESScorporate.pizzaexpress.com/~/media/Files/P/Pizza-Express/document… · The benefits and rewards package is extremely competitive and helps provide for a healthy and balanced

PIZZAEXPRESS

Annual ReviewYear ended 28 June 2015

PIZZAEXPRESS · ANNUAL REVIEW 2015 2

In 2015, the 50th year since we opened the first PizzaExpress, we…

…refurbished and updated

…created

UK restaurants

new jobs in the UK

30

…served over

…opened

…and raised over

restaurant customers in the UK

in the UK for good causes

31.2 million

£0.5 million

49

471

restaurants, including 8 in China


DIRECTORS AND ADVISORS 4

FINANCIAL HIGHLIGHTS FROM 2015 5

CHIEF EXECUTIVE’S STATEMENT 6

BUSINESS REVIEW 10

CONTENTS

This Annual Review should be read in conjunction with the Annual Report and Consolidated Financial Statements of PizzaExpress Group Holdings Ltd previously published on 26 October 2015

We have produced this supplementary report as part of our commitment to comply with the enhanced reporting requirements under the guidelines established by the Walker Review in 2007 and updated subsequently by the Guidelines Monitoring Group


DIRECTORS Richard Hodgson appointed 18 August 2014Andy Pellington appointed 18 August 2014Jianzhong Gong appointed 2 February 2015Ma Mingju appointed 31 March 2015Jinlong Wang appointed 30 April 2015Xiaolong Wang appointed 18 August 2014Bing Yuan appointed 3 July 2014John Huan Zhao appointed 3 July 2014; resigned 19 May 2015

REGISTERED OFFICEHunton HouseHighbridge EstateOxford RoadUXBRIDGEUB8 1LX

REGISTERED NUMBER09115780

INDEPENDENT AUDITORSPricewaterhouseCoopers llpThe Atrium1 Harefield RoadUXBRIDGEUB8 1EX

PRINCIPAL BANKERSBarclays Bank plcLevel 271 Churchill PlaceLONDONE14 5HP

DIRECTORS AND ADVISORS


Turnover up by 9 5% to £427.7m

EBITDA breaks the £100m barrier

UK like-for-like sales ahead by 5.6%

Retail sales of over £100m

FINANCIAL HIGHLIGHTS FROM 2015

The Group as currently constituted was created on 18 August 2014, following the acquisition of PizzaExpress by Hony Capital However, for ease of prior period comparison, financial performance referred to in this report is for the pro-forma 52-week period ended 28 June 2015 Further financial detail on the pro-forma period is available to bondholders in the interim financial report of PizzaExpress Financing 1 plc for the period ended 28 June 2015


OVERVIEW2015 was an important year for PizzaExpress It marked the 50th year since our foundation in 1965, during which time we have grown from a single restaurant to one the UK’s best-loved brands and the leader in the casual dining sector 2015 was also significant as it was our first year under the ownership of Hony Capital We achieved a very successful year financially, with strong trading momentum throughout the business, plus some exciting developments such as the acquisition of our franchise business in China and numerous new restaurant openings

Our turnover increased strongly during the year, driven by both organic growth and new site openings This helped to drive EBITDA which exceeded the £100 million mark for the first time

During the year, we grew our estate with the opening of 19 new restaurants in the UK and 11 internationally We now have a total of 79 restaurants outside of the UK, across 12 different countries, and we plan to continue this growth overseas China represents a particularly interesting opportunity for us: the acquisition of our franchise partner in June gave us full control over 27 sites and, as at November 2015, we have opened ten further sites

Our retail business did very well and we were proud to become a £100 million retail brand for the first time, despite a challenging sector backdrop In addition, we were thrilled that PizzaExpress House Light became the UK’s best-selling salad dressing

Customer-led innovation remains a core part of our business It is key to our customers’ satisfaction and keeps our menu fresh and exciting The year saw a number of new innovations, including our seasonal Christmas menu which helped deliver record sales We also successfully launched our Romana65 range, an upgrade of some of our most iconic pizzas from the last 50 years In addition, both our Autumn/Winter and Spring/Summer menus were very well received

CHIEF EXECUTIVE’S STATEMENT

Richard Hodgson


GOOD FOOD MATTERSOur commitment is to provide customers with a fantastic experience when eating out This involves sourcing the best ingredients and using them to create some of the most innovative and exciting menus around

We work hard to make sure that we are meeting customers’ expectations and continually ask them what they think By listening to their needs we have developed menus that offer a choice of quality dishes we can be proud of We have a dedicated food team that is continually evolving our menus and recipes, ensuring we offer tempting new flavours and combinations, as well as improving our traditional favourites that remain so popular with our loyal customers

Within each PizzaExpress restaurant, our iconic, highly visible, open kitchens continue to pioneer the ‘theatre of cooking’ as our Pizzaiolos prepare each dish to order We are passionate about everything we do and that begins with our food

We recognise that it is important to offer our customers a lower calorie option in our restaurants Pizzas in our Leggera range are fewer than 500 calories, but we work hard to ensure that taste is not compromised We have now extended the range to include salads, pasta and even low-calorie desserts

OUR PEOPLE The hard work of our restaurant teams has played a major role in our success this year Our team members are critical to delivering the fantastic customer experience that PizzaExpress has built over many years

We aim to appeal to talented, ambitious people with the right mix of skills We greatly value our staff and we want to offer them exceptional training, the chance to develop and learn new skills and the possibility of long-term career opportunities

The benefits and rewards package is extremely competitive and helps provide for a healthy and balanced lifestyle


SOCIALLY AWAREWith over 500 restaurants around the world we recognise that each one has a part to play in its local community Whether it’s making an empty, private room available to a playgroup or hosting a free School Visit, individual restaurants contribute in lots of ways

We've also teamed up with some amazing charities during the course of our 50-year history Perhaps the most famous of these is Venice in Peril, which aims to save the historic city from sinking Our founder, Peter, was passionate about beautiful architecture—something that is clear when you look at the many listed buildings that form the PizzaExpress estate And, of course, he was passionate about Italy

In 1975, Peter created the Veneziana pizza A small amount of money from each pizza would go into the Veneziana Fund The fund still exists today, with half of the money raised going to Venice in Peril, and the remaining half going to heritage projects in the UK It is one of the UK’s oldest charitable commitments

During 2014/15 we also teamed up with Children’s Food Trust, to help raise funds for the provision of after-school cookery clubs, and Dallaglio Cycle Slam which supports a number of social inclusion programmes for vulnerable young people

SUSTAINABILITY Last year the Sustainable Restaurant Association awarded us a star rating for our industry-leading approach to sustainability Due to our scale, every practice we put in place has the potential to make a big difference

In every restaurant we’re doing lots of small things to help the bigger picture, from investing in modern, energy-efficient refrigerators and only using low-energy light bulbs, to larger projects such as ‘Lean and Green’ which has helped us to significantly reduce the amount of waste we generate


FINANCIAL RESULTSIn the year, on a pro-forma 52-week basis, Group turnover grew by 9 5% to £427 7 million, as a result of both organic growth and new restaurant openings For the first time, we broke though the £100 million EBITDA barrier, with an increase of 13% to £100 2 million

Our like-for-like sales were ahead by 5 6%, continuing to be driven primarily by an increase in covers, with this strong performance being broad-based across the UK We are also pleased that the 19 new restaurants we opened in the UK this year are all delivering positive returns

Performance in our retail business, which comprises sales to the supermarket sector, was well ahead of the prior year and we grew market share across all four of our product areas: pizza, bread, dressings and pasta We became a £100 million retail brand for the first time, featuring in the top 100 grocery brands

It is extremely pleasing that the EBITDA margin in the UK and Ireland moved ahead by some 100 basis points from its already industry-leading level Also, cash generation is strong, with over 80% of EBITDA converted to free cash flow

LOOKING AHEADThere have been some very exciting developments in the business since the end of June In September 2015 we successfully launched the PizzaExpress delivery service This is currently operating out of two restaurants delivering to selected London postcodes It is an area with huge growth potential and we expect to roll the service out to more locations In addition, we recently opened a pilot site in Cambridge for ‘Reys’, our new chicken restaurant concept

Overall, we remain excited by the future growth opportunities for PizzaExpress

RICHARD HODGSONChief Executive Officer31 December 2015


BUSINESS ACTIVITIESAt 28 June 2015, the Group operated 449 sites in the UK and Ireland as well as 79 international sites principally in China, Hong Kong and the Middle East

It also has licensing arrangements in place to enable PizzaExpress pizzas, salad dressings and other products to be sold through supermarkets

RESULTSThe Group as currently constituted was created on 18 August 2014 following PizzaExpress Financing 2 plc (a wholly owned subsidiary of PizzaExpress Financing 1 plc) entering into an acquisition agreement to acquire all of the issued share capital of PizzaExpress Franchises Limited, Gondola Investments Limited (now PizzaExpress Operations Limited) and PizzaExpress Greater China Limited (together the “New PizzaExpress Group”)

As a result the statutory results for the Group are only for the 45 weeks ended 28 June 2015 However, for ease of prior period comparison, growth rates referred to within this report are calculated on a pro-forma basis, including the seven weeks of pre-acquisition trading

On a pro-forma basis, operating profit for the Group before exceptional items is £81,172,000 and profit before exceptional items and taxation is £9,596,000

On a statutory basis, operating profit for the Group before exceptional items is £69,589,000 and profit before exceptional items and taxation is £38,000

BUSINESS MODELWe believe that key to our success is the simplicity of our restaurant model where we install and operate a single cooking platform—a pizza oven—in all UK and Ireland restaurants

BUSINESS REVIEW


In addition, we offer our customers a menu oriented primarily around pizza This focus enables us to deliver a freshly-prepared offering to a consistently high standard, and allows us to derive economies of scale in purchasing Furthermore, the menu’s typically low protein content allows us to source lower-cost ingredients without sacrificing quality PizzaExpress has developed a proprietary series of global operational and marketing procedures and training programmes called ‘The PizzaExpress Way’ This is designed to ensure that a consistently high level of performance—including customer experience—is delivered across our operations Our model is flexible and is adaptable to different location types, sizes of restaurant and geographies

STRATEGYOur strategy focuses on the continued growth of the UK and Ireland business and the opportunity to grow our presence in selected international markets, primarily China This growth is complemented by the development of our successful Retail brand and the evaluation of other new potential opportunities as they arise

Growth in the UK and Ireland is achieved by a continued focus on delivering an outstanding customer experience through our commitment to quality food, excellent customer service and attractive restaurants We also continue to build on our established track record of innovation in food, designed to maintain and enhance existing customer interest and attract new customers to the brand

Historically we have established ourselves internationally primarily through franchise restaurants operating across 12 international geographies in China, Cyprus, Gibraltar, India, Indonesia and the Middle East More recently we have been implementing, and will continue to implement, our international growth strategy by opening Company-operated restaurants in attractive markets with expected high demand, as well as franchise restaurants in local markets where we believe working with a franchise partner is more appropriate—for example, where it may be difficult for us to operate independently or where market potential is more limited

In line with this strategy, in May of this year we acquired our franchise operations in the United Arab Emirates and more significantly in June we acquired the franchise operations in Hong Kong and Shanghai Our expansion plan in China remains to open restaurants with a hub-and-spoke approach by building on our existing presence in the major cities, expanding brand awareness, and continuing the spread to nearby smaller cities over the longer term

We plan to open up to 15-20 new restaurants each year in China Longer-term, we anticipate that the majority of our EBITDA growth internationally will arise from the opening of new Company-operated restaurants in China


MARKET REVIEW

United Kingdom and IrelandWe primarily operate in the full-service restaurant segment of the UK eating and drinking out market, which consists predominantly of full-service branded restaurants (including chain casual dining restaurants) and independent full-service restaurants We compete in the chain casual dining sub-segment which we anticipate will grow at a CAGR of between 8 and 10% per annum between 2013 and 2019 and between 1 5% and 3% per annum on a like-for-like basis for the same period

Growth in the chain casual dining sub-segment is projected to continue to outperform the larger full-service restaurant market, taking market share from independent full-service restaurants (through better like-for-like performance and continued new restaurant growth) due to the benefits that chain restaurants realize from increased purchasing power, efficiencies of scale and enhanced access to capital combined with their ability to attract stronger management teams to drive strategy, build strong brands and engage customers in a sophisticated manner

InternationalThe pizza full-service restaurant category in Asia-Pacific, the largest overseas market in which we operate, is forecast to grow by 11 5% per annum between 2014 and 2019 (source: Euromonitor Consumer Food Service Report, August 2015) We believe we are well placed to take advantage of this growth opportunity through our planned expansion in the region, following the purchase of our former franchise operations in Hong Kong and Shanghai, adding to our existing presence in Beijing


KEY PERFORMANCE INDICATORSThe financial and non-financial KPIs that are used to monitor the performance of the business are set out below Values and commentary refer to the pro-forma period detailed previously

Pro-forma 2014–15Turnover growth (Group) 9.5%

Like-for-like sales (UK) 5.6%

Number of restaurants (Group) 528

The Group achieved turnover growth of +9 5% as a result of both organic growth and new restaurant openings Within this, our retail business had a particularly strong year and has, for the first time, delivered in excess of £100m revenue, growing market share in all product ranges

We also delivered a very strong like-for-like performance in the UK and Ireland of 5 6% with like-for-like growth ahead of the overall restaurant market, underpinned by strong cover growth in addition to increased Average Spend per Head compared with the prior year

During the year we opened 19 new restaurants across the UK, delivering returns in line with investment case and we remain confident in our ability to continue to open around 20 new sites each year in the UK We also opened 11 new restaurants in the international estate


SOCIAL RESPONSIBILITY

Sourcing with integrity We buy our ingredients from the best possible sources, balancing provenance and availability to ensure that we minimise any environmental impact, whilst still delivering great tasting food and drink We audit our suppliers to ensure they are the right people to do business with and can consistently deliver against our rigorous quality and safety standards We believe in long-term partnerships and treating our suppliers with respect

We work with a number of suppliers in Italy to source the very best ingredients including our buffalo mozzarella, our cured meats range, Calabrese sausage, ’Nduja sausage, artichokes and oregano

Our founder, Peter Boizot, entrusted the original recipe for our famous tomato sauce to the Greci family in 1988 It has been made by the Grecis in Parma ever since, using the finest quality tomatoes

Our pizzas are made using quality British flour and our coffee is a blend that was created specially for our customers Not only is it great coffee, but it is sustainably and ethically sourced too Served in all of our UK restaurants, it is triple-certified: Rainforest Alliance Certified™, organic and Fairtrade It consists of beans from three of the finest coffee growing regions in the world: Ethiopia, Peru and Honduras


Supporting local communities Our restaurants play an active role in local communities around the world One of the initiatives we’re most proud of is our School Visits programme, which has been running since 1999 It all started when a primary school teacher called one of our restaurants and asked if she could bring in her class and teach them how to cook The visits grew from there and, 16 years later, we have hosted more than 26,000 School Visits in communities across the UK, and our teams have given 40,000 hours of their time to teaching kids about food Feedback tells us that the experience stays with them long after they leave the restaurant

The scheme is free and open to all primary school classes It aims to address the lack of cooking equipment in schools, which is essential if teachers are to deliver food technology and nutritional elements of the national curriculum Children learn about the basics of food safety, taste ingredients they might not have come across before, learn about where their food comes from and, of course, have a go at making a pizza

In addition, our international restaurants support local causes that are close to the hearts of our teams and guests These are just some of the charities that we work with around the world:

• In Shanghai and Beijing we support Care for Children The charity places orphans with caring, supportive families across China It is a remarkable project that transforms the lives of vulnerable children

• In Hong Kong we are long term supporters of the Hong Kong Cancer Fund The fund aims to help make life better for people touched by cancer by providing free information and care services, alongside professional support, research and public awareness campaigns

• With the help of customer donations in India we give funds to the Akanksha Foundation whose mission it is to help provide education to children from disadvantaged backgrounds in India’s cities


Reducing waste For our fresh fruit and vegetable deliveries we use reusable plastic crates and regularly optimise pack sizes to ensure we keep waste to a minimum Where suitable, we have ‘portion packs’ to ensure larger containers are not opened unnecessarily We have our salad items in single bags, not cased

Following a review of our waste collection services, we recently announced plans to significantly reduce the volume of general waste produced by our restaurants and increase on-site recycling to over 75% Working with Specialist Waste Recycling Ltd, waste from over 300 of our restaurants is being diverted from landfill Waste at our remaining sites is managed by our landlords or other local collection companies

Where possible, segregation of waste takes place at each restaurant with food, dry mixed recycling, glass, cardboard and general waste separated out for collection The remaining waste is sent to a Materials Recovery Facility where further segregation occurs for recycling and where possible, waste is sent to a Refuse-Derived Fuel facility

To further increase our recycling levels, we have embarked on a food waste recycling programme in the majority of our restaurants—again, all of those where waste management is not predetermined by a landlord or local council In these restaurants, our general waste will almost entirely consist of napkins and floor scrapings, with everything else being recycled

Greener packaging We continue to make improvements to the packaging we use for our PizzaExpress Retail range in order to reduce our impact on the environment:

• By reducing the quantity of glass in our salad bottles by 10%, we’ve reduced the amount of energy required to make them

• The glass used for our salad dressing bottles is made using recycled materials

• The trays for our Dough Balls and Garlic Bread are made with 50% recycled material

• We’ve minimised the use of on-shelf packaging

• The on-shelf packaging for our salad dressings is made using recycled materials and is 100% recyclable

• The on-shelf packaging for our pizzas is made using 66% recycled paper and is fully recyclable


OUR PEOPLEWe want to make sure that PizzaExpress is a great place to work for our team members: they are the heart of our business and make a vital contribution to the success of our restaurants In the UK and Ireland we employ 11,500 team members, and internationally we employ a further 1,500 staff at our fully owned sites in the UAE and China

We value the skills of our diverse workforce and the experience of all our team members In return we offer a rewarding working environment with great incentives and development opportunities We have introduced a range of initiatives to help our team members reach their full potential, including training programmes for all levels and employee incentive schemes Every new team member in our restaurants is taken through a structured induction process During the year, we graduated 386 trainee managers through our Il Viaggio training programme

We are also actively creating new opportunities to help attract talented individuals to the hospitality industry In 2014 we launched our Fresh Talent campaign which aims to find and recruit the best talent using new and innovative channels During 2014/15 we recruited 440 PizzaExpress team members on to the PizzaExpress Apprenticeship scheme The scheme has been created in partnership with vocational education specialists, City & Guilds, and involves face-to-face tuition, development workshops and master classes We have also introduced a structured work experience programme and a placement scheme for undergraduates

Diversity and Inclusion We are committed to providing an inclusive workplace where our people are given opportunities to succeed in a safe, supportive and respectful environment Our workforce reflects the communities in which we operate and we offer opportunities to suit different lifestyles—from flexible working for parents, students and semi-retired people, to management roles available through our trainee manager and fast-track schemes

DONATING TO CHARITYWe’ve teamed up with some amazing charities in our 50-year history In 2014/15 our customers and teams in the UK helped raise £511,000 for charitable causes Through a 25p donation on the sale of the Veneziana pizza £55,405 was raised; funds were split between Venice in Peril and UK causes supporting the restoration of buildings and works of art pre-dating 1750 A further £143,101 was raised from the sale of the Fiorentina pizza for the Children’s Food Trust and their work in promoting and providing after-school cookery clubs Finally, we raised £281,849 for the Dallaglio Cycle Slam which supports a number of social inclusion programmes for vulnerable young people We also raised funds for a number of other charities through the course of the year


FINANCIAL INSTRUMENTS AND RISK MANAGEMENT OBJECTIVES AND POLICIESThe main financial risks associated with the Group have been identified as liquidity risk, interest rate risk, foreign exchange risk and credit risk The Directors are responsible for managing these risks and the policies adopted are set out below Further information on financial risk management is contained within the consolidated financial statements of PizzaExpress Group Holdings Ltd, available on the bondholder section of our corporate website

Liquidity riskThe Group finances its operations through a mixture of equity (Company share capital, reserves and retained earnings) and debt The Group manages its liquidity risk by monitoring its existing facilities for both financial covenant and funding headroom against forecast requirements based on short term and long term cash flow forecasts

The Group’s borrowings are a combination of senior and senior secured notes and a shareholder loan As at 28 June 2015 the principal amount outstanding for the senior and senior secured notes is £665 0m and for the shareholder loan is £307 6m, including £55m of additional senior secured notes which was raised in June 2015 to fund the acquisition of the franchise business in Hong Kong and Shanghai The earliest maturity date of any of these borrowings is August 2021

Additional funding capacity is available to the Group by way of a £20m Super Senior Revolving Credit Facility This remained undrawn throughout the year

Interest rate riskInterest rate risk reflects the Group’s exposure to fluctuations in interest rates in the market All of the financial liabilities of the Group are either non-interest bearing or charged at a fixed rate of interest

Interest on the senior and senior secured notes of 8 625% and 6 625% respectively is paid bi-annually and the interest on the shareholder loan accrues interest at a compound fixed rate of 10% per annum At present the Group does not manage its interest rate risk through interest rate swap contracts or any other derivatives


Foreign currency riskThe Group is exposed to changes in foreign currency rates Foreign exchange risk arises from future commercial transactions as the Group purchases certain goods from European suppliers This is partially mitigated at the Group level by a subsidiary company generating income in Euros

The Group has subsidiaries whose functional currency is not sterling and is therefore exposed to translation risk in relation to these entities

Where the Group expects to undertake a significant transaction in a foreign currency, foreign exchange forward contracts are utilised As the Group expects to expand internationally and will be exposed to more foreign exchange risk, it will develop a hedging strategy using derivatives to manage this risk

Credit riskThe Group’s credit risk predominantly arises from trade receivables and cash and cash equivalents Trade and other receivables comprise mainly card payments receivable, therefore credit risk is considered to be low Trade and other receivables also includes franchise and royalty fees due Credit risk also arises on cash and cash equivalents held with banks


CAPITAL MANAGEMENTThe Group’s policies seek to protect returns to shareholders by ensuring the Group will continue to trade profitably in the foreseeable future The Group also aims to optimise its capital structure of debt and equity so as to minimise its cost of capital

The Group manages its capital with regard to the risks inherent in the business and the sector within which it operates by monitoring its actual cash flows against debt maturities, financial covenants and the cash flow forecasts reviewed by the Directors

TAXATIONAs the largest casual dining operator in the UK and with strong ambitions for international expansion, the protection of our reputation and brand values is vitally important Accordingly, our objective is to maintain a reputation as a responsible taxpayer, founded on open relationships with the tax authorities with which the Group’s entities interact The Group has prepared a Tax Charter which was approved by the Board in February 2015 and has been shared with HM Revenue and Customs

The development and maintenance of our relationships with tax authorities is the responsibility of Andy Pellington, the Group’s Chief Financial Officer Andy is the Group’s Senior Accounting Officer responsible for tax compliance with HMRC and he reports at least twice a year to the Board of Directors on this topic


DIRECTORSThe Directors who served during the year were as follows:

Jinlong Wang is the Chairman of the Group and has served as a director since April 2015 Mr Wang currently also serves as an advisor to Starbucks CAP region and senior advisor to Hony Capital, and serves on the board of Sonova Holding AG He has previously served as Chairman of Starbucks China and Senior Vice President of Business Development from 2013 to 2015 From October 2005 to May 2011, Mr Wang served as President, Chairman and acting President of Starbucks Greater China region where he played a critical leading role in creating coffee culture in a tea-drinking nation/region

Richard Hodgson has been Chief Executive Officer since he joined PizzaExpress in April 2013 Mr Hodgson has over 20 years of experience in the food industry He started his career in 1990 at Dalgety Mr Hodgson then joined Asda in 1996 where he spent ten years progressing through the company to hold a number of senior positions Mr Hodgson joined Waitrose in 2006 as Commercial Director, where he played a key role in developing the company’s international business, as well as its launch of the Essential Waitrose value range Before joining PizzaExpress, Mr Hodgson was the Group Commercial Director of Morrisons

Andy Pellington joined PizzaExpress in March 2014 as Chief Financial Officer Mr Pellington started his career in 1986 at Cadbury Schweppes before gaining significant experience across a range of leisure and hospitality businesses He was Group Financial Controller of Laurel Pub Company from 2001 to 2003 before joining Little Chef as Finance Director in 2003 Mr Pellington joined Whitbread in 2004 as Finance Director of the Restaurant Division and went on to hold various roles with the Group, including Finance Director of its subsidiaries David Lloyd, Premier Inn and Whitbread Hotels and Restaurants Mr Pellington holds an Economics degree from Birmingham University and is a qualified accountant

Jianzhong Gong has been a director since February 2015 Mr Gong has served as Chief Executive Officer of Bank of China Group Investment Limited for almost ten years Mr Gong also serves as an Executive Director of Bank of China Group Investment Limited, and as a Director of a number of companies that Bank of China Group Investment Limited has invested in Mr Gong holds a Master in Economics from Dongbei University of Finance and Economics


Mingju Ma has been a director since March 2015 Mr Ma has served as Vice President of Jin Jiang International (Group) Co , Ltd since 2005, as manager of the Planning and Finance Division and general manager of the Finance Business Division of Jin Jiang International, chairman of Shanghai Jin Jiang International Investment and Management Company Limited as well as director of Jin Jiang Investment Mr Ma holds a master’s degree in business administration from the Asia International Open University (Macau) and is a senior accountant

Xiaolong Wang has been a director since August 2014 Mr Wang serves as a Managing Director of Hony Capital, with responsibility for investments in the consumer products and retail sectors He has seven years of experience in the consumer and retail sectors investment, and serves as Director of Coagent Electronic Technology Co , Ltd , Sichuan Lessin Holdings Company Limited, China Restaurants Group Limited and Anhui Commercial Capital Co , Ltd Mr Wang holds an MBA from Tsinghua University after completing the MIT—Tsinghua University Joint International Program in 2004

Bing Yuan has been a director since July 2014 Mr Yuan has served as a Managing Director of Hony Capital since 2009, having previously served as Managing Director of Morgan Stanley Principal Investments based in Hong Kong, where he was responsible for direct investment activities in China Mr Yuan served as Managing Director at Morgan Stanley Asia Limited from 2004 to 2009, previously serving as the Vice President of Credit Suisse First Boston (Hong Kong) Limited He has been a Director at Shanghai Rural Commercial Bank Co , Ltd since 2011, a Non-Executive Director of Haichang Holdings Ltd since 2012, an Executive Director of AGORA Hospitality Group Co , Ltd since 2012, a Non-Executive Director of Hydoo International Holding Limited since 2011, and a Non-Executive Non-Independent Director of Biosensors International Group, Ltd since 2010 Mr Yuan holds a J D from Yale University

John Zhao served as Chairman of the Group from July 2014 until May 2015 and is the founder, Chairman of Hony Capital, a leading private equity firm in China Mr Zhao also serves as Executive Vice President of Hony’s sponsor firm, Legend Holdings, the parent company of Lenovo Group (HK 0992) Mr Zhao also serves on the boards of Lenovo, Zoomlion, Chengtou Holdings, Jin Jiang International Hotels and other portfolio companies of Hony Mr Zhao holds an MBA degree from the Kellogg School of Management at Northwestern University, dual Master’s degrees in Electronic Engineering and Physics from Northern Illinois University, and a Bachelor’s degree in Physics from Nanjing University


HONY CAPITALCrystal Bright Developments Limited, a company registered in the British Virgin Islands, is the ultimate parent company of the Group, and private equity firm Hony Capital is the ultimate controlling party

Hony Capital, founded in 2003 and sponsored by Legend Holdings Corporation, specializes in private equity investment As a ‘China expert’ and company builder, it focuses on the Chinese market with ‘value creation by providing value-added services’ as its investment philosophy

Hony Capital currently manages seven private equity funds (five USD funds and two RMB funds) and two RMB mezzanine fund with more than RMB 48 billion assets under management The investors of Hony Capital include Legend Holdings, the National Social Security Fund, China Life Insurance and leading investment institutions such as Goldman Sachs, Temasek, and Canada Pension Plan Investment Board The combination of domestic and international high-quality resources enhances the ability of Hony Capital to provide portfolio companies with value-added services

Bing Yuan and Xiaolong Wang are Managing Directors with oversight of PizzaExpress and both serve as Directors of PizzaExpress Group Holdings Ltd

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PIZZAEXPRESScorporate.pizzaexpress.com/~/media/Files/P/Pizza-Express/document… · The benefits and rewards package is extremely competitive and helps provide for a healthy and balanced