PizzaExpress is exploring a potential sale that could value the UK restaurant group at up to £500 million, according to reporting by the Financial Times.

The pizza chain’s owners, including Bain Capital’s special situations unit and Cyrus Capital Partners, have reportedly appointed investment bank Rothschild to assess interest after receiving approaches. According to sources cited by FT, discussions remain at an early stage and there is no certainty that a transaction will proceed.

PizzaExpress operates more than 360 restaurants across the UK and Ireland, alongside franchised operations in international markets. The business was founded in London in 1965 by Peter Boizot.

The potential sale comes as PizzaExpress continues to broaden its offering beyond its traditional pizza format.

Earlier this year, the group agreed to bring US fried chicken brand Houston Hot Chicken into its portfolio, with plans to open locations in the UK, as well as launching Mac & Wings, a delivery-first concept featuring macaroni cheese and chicken wings.

PizzaExpress has changed hands several times since Boizot opened its first restaurant, with the business later becoming a publicly listed company before returning to private ownership.

The reported sale process remains preliminary, with PizzaExpress and its investors yet to confirm that a transaction is being pursued.