RNS Number:0530E
ING Bank N.V. London Branch
20 November 2002





FOR IMMEDIATE RELEASE

                                                                20 November 2002



               Termination of possible offer for PizzaExpress PLC

                       ("PizzaExpress" or the "Company")

ING Barings announces on behalf of Twigway PLC ("Twigway") that Twigway could
not reach agreement with PizzaExpress and its advisers on the terms of Twigway's
indicative offer proposal and consequently discussions have terminated.




Enquiries:
Sun Capital Partners
Hugh Osmond                    020 7725 0800
Alan McIntosh                  020 7725 0800
ING Barings
Tom Quigley                    020 7767 1846
Adam Fraser-Harris             020 7767 5716
Gavin Anderson
Neil Bennett                   020 7554 1454
Halldor Larusson               020 7554 1443



Notes to editors

Twigway is a newly formed company established by the shareholders of Sun Capital
Partners Ltd ("SCP") and by Capricorn Ventures International Ltd ("CVI").

The investment banking arm of ING Bank N.V., London Branch ("ING Barings") is
acting for Twigway and for no one else in relation to the matters described in
this announcement and will not be responsible to anyone other than Twigway for
providing the protections afforded to clients of ING Barings.

This announcement does not constitute an offer or an invitation to purchase any
securities.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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