The parent company of PizzaExpress is hiring bankers to help it refinance a £335m bond ahead of its maturity, amid tough trading conditions for casual dining operators.

Sky News has learnt that Wheel Topco is close to appointing PJT Partners, the investment bank, to advise it on talks with its debtholders.

PizzaExpress trades from 359 sites in the UK and Ireland, and is one of Britain’s most ubiquitous restaurant chains.

According to its latest accounts, its bond matures in July 2026, with negotiations expected to get underway with bondholders in the coming weeks.

News of PJT’s imminent appointment comes a year after PizzaExpress explored a takeover bid for The Restaurant Group, which counts Wagamama as its main asset.

It decided against making a formal offer, citing “market conditions”.

In 2020, a group of bondholders took control of PizzaExpress after a financial restructuring which saw them injecting £40m into the business.

They parachuted in Allan Leighton, one of Britain’s most prominent businessman, as chairman, and named former Wagamama chief David Campbell as chief executive.

Mr Campbell has since left the company.

Last year, the company made a loss after tax of £7.5m, and said in filings at Companies House that it had “continued to experience strong macroeconomic headwinds” in the UK and Ireland.

A number of its rivals have also ben buffeted by difficult trading, with TGI Fridays recently being sold through a pre-pack administration to Breal Capital and Calveton, the owners of upmarket London restaurants such as Le Pont de la Tour and Coq d’Argent.

PizzaExpress declined to comment.

A residential energy services provider backed by leading City investors has secured a £50m funding boost from one of the world’s biggest pension funds.

Sky News understands that Hometree, which counts Legal & General (L&G) among its investors, will this week announce that it has agreed a mezzanine debt facility with a subsidiary of Canada Pension Plan Investment Board (CPPIB).

The new debt facility will add to a £250m loan from Barclays that Hometree secured earlier this year, and will be used to finance up to 35,000 residential solar panel systems, batteries and heat pumps.

News of Hometree’s expanded financing capacity comes as a fresh rise in the household energy price cap takes effect.

Average annual energy bills will increase by £149 following the revision to the cap.

“We’re delighted that CPP Investments has joined us in our mission to help homeowners decarbonise their homes by installing solar panels and heat pumps,” said Rory Duff, managing director of Hometree Finance,

“The energy transition will not happen without appropriate finance since very few people have the thousands of pounds needed for the upfront costs.”

Hometree, which was launched in 2016 by Simon Phelan, has set a target of decarbonising more than 1m homes by the end of the decade.

It has said it wants to build Europe’s leading residential energy services business, combining hardware installation, financing, repairs and ongoing maintenance.

The company has raised tens of millions of pounds in equity from investors including L&G, 2150 and Energy Impact Partners.

A trio of buyout firms have been shortlisted to buy a stake in the UK operations of Grant Thornton, one of Britain’s six biggest accountancy firms.

Sky News has learnt that Cinven, EQT and New Mountain Capital – the backer of Grant Thornton’s US business – have made the cut in a process that could value the UK firm at more than £1.5bn.

Other contenders, including Permira and Carlyle are said to no longer be in contention, although insiders cautioned that the list was subject to change.

Grant Thornton has around 200 UK equity partners, who will have a say on the deal.

The firm has improved its financial performance following a turbulent period for its leadership, with a £1.3m fine being imposed for “serious failings” in 2022 in relation to its audit of Sports Direct, the sportswear empire founded by Mike Ashley and now known as Frasers Group.

It was also handed a £2.3m penalty the year before for demonstrating a “serious lack of competence” in relation to its work on Patisserie Holdings, the owner of the collapsed cafe chain Patisserie Valerie.

Since then, Grant Thornton has slashed the number of so-called public interest entity (PIEs) audit clients, a category which includes banks, insurers and other companies deemed to be of particular importance.

Read more from business:
LEK Consulting to be named Thames Water ‘policeman’
CBI in talks to sub-let parts of London HQ
Currency printer De La Rue in £300m sale

A spokesperson for Grant Thornton UK LLP said: “As all businesses do, we continually evaluate the external business and economic landscape and explore various avenues that will drive growth for our firm.

“This enables us to make informed decisions about what’s best for our people, our clients, and our firm.

“No decisions have been made and, whilst we are considering our options, we will not be commenting further.”

Cinven, EQT and Permira declined to comment.