RNS Number:0498I
ING Bank N.V. London Branch
27 February 2003



27th February, 2003

FOR IMMEDIATE RELEASE



          Pizza Express PLC ("Pizza Express") - Possible higher offer

TDR Capital LLP ("TDR Capital") and Capricorn Ventures International Ltd ("CVI")
note this morning's announcement by Venice Bidder of its firm intention to make
a recommended cash offer of 367 pence per Pizza Express share for the whole of
the issued and to be issued share capital of Pizza Express.

TDR Capital and CVI have been in extensive discussions with the Independent
Directors of Pizza Express and are considering whether to make an offer for
Pizza Express at a premium to the offer price announced by Venice Bidder.

TDR Capital is a private equity fund management firm established by Manjit Dale,
Stephen Robertson and Tudor Investment Corporation, which specialises in
European mid-market buy-outs.

CVI is a privately owned investment group, which is the largest investor in
Nando's International restaurants. Nando's has some 380 restaurants world-wide,
including 63 in the UK, and is committed to expand its restaurant interests in
the UK and internationally over the long term.

It is not certain that a firm offer from TDR Capital and CVI will be
forthcoming. A further announcement from TDR Capital and CVI will be made in due
course.

ING Barings is acting as financial adviser to TDR Capital and CVI.


Enquiries
TDR Capital                                                        020 7399 4200
Manjit Dale
Stephen Robertson

Capricorn Ventures International                                   020 7326 8440
Robbie Enthoven
Charles Luyckx

ING Barings                                                        020 7767 1000
Tom Quigley
Simon Newton
Adam Fraser-Harris

Gavin Anderson                                                     020 7554 1400
Neil Bennett
Ken Cronin

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