RNS Number:7950I
ING Bank N.V. London Branch
17 March 2003



17th March, 2003

TO: CITY EDITORS

FOR IMMEDIATE RELEASE



               PizzaExpress PLC ("PizzaExpress" or the "Company")

                       Progress on possible higher offer


In response to recent press speculation, TDR Capital LLP ("TDR Capital") and
Capricorn Ventures International Ltd ("CVI") announce that they have initiated
discussions with PizzaExpress's independent directors and advisers concerning a
potential higher offer for the entire issued, and to be issued, share capital of
PizzaExpress.

TDR Capital and CVI have obtained credit committee approval for the debt
component of the funding for the offer and are currently finalising and
documenting these financing arrangements. An offer, if made, would be at a
premium to the offer made by Venice Bidder PLC. Any such offer is unlikely to be
announced prior to 20 March 2003.

As part of their preparations, TDR Capital and CVI are registering
GondolaExpress PLC, a new company, which would be the vehicle for any offer.

It should be noted that this announcement does not constitute an intention to
make a firm offer for PizzaExpress, as defined under Rule 2.5 of The City Code
on Takeovers and Mergers, and that it is not certain that a firm offer from TDR
Capital and CVI will be forthcoming.

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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