RNS Number:4928J
Venice Bidder PLC
01 April 2003


Not for release, publication or distribution in, into or from the United States,
Canada, Australia or Japan


PRESS ANNOUNCEMENT
FOR IMMEDIATE RELEASE

1 April 2003


RECOMMENDED CASH OFFER

by

HAWKPOINT

on behalf of

VENICE BIDDER

for

PIZZAEXPRESS



OFFER UPDATE

The Board of Venice Bidder notes the continued press speculation concerning a
possible bid from TDR Capital LLP and Capricorn Ventures International Limited
(together "TDR/Capricorn").  Venice Bidder wishes to point out that its
recommended offer, which was announced over one month ago, continues to be the
only bid capable of acceptance by PizzaExpress Shareholders.

The Offer Document, dated 27 February 2003, contained a current trading
statement by PizzaExpress, reproduced below:

"The interim results noted that, since the half year, trading conditions and
like-for-like sales had not improved in the core UK pizza operation and that
immediate prospects remained uncertain.  Intense competition, coupled with well
documented economic and political factors, continue to delay improvements in
performance; indeed, sales in the core PizzaExpress business have further
weakened in recent weeks."

The Board of Venice Bidder believes that this weakening noted by the Company,
together with the further deterioration in consumer confidence and the
continuing highly competitive trading environment, means that PizzaExpress
Shareholders would benefit from clarification as to both the Company's current
trading and prospects and, in light of this position, the intentions of TDR/
Capricorn.

Certain terms used in this announcement are defined in the Offer Document dated
27 February 2003.





Enquiries:

Venice Bidder                                               Tel: 020 7499 5311
Luke Johnson
Ian Eldridge

ABN AMRO Capital                                            Tel: 020 7678 0076
Ian Taylor

Hawkpoint                                                   Tel: 020 7665 4500
(Financial adviser to Venice Bidder)
Patrick Wilson
Robin Caiger

ABN AMRO Hoare Govett                                       Tel: 020 7678 8000
(Broker to Venice Bidder)
Chris Zeal
John MacGowan

Financial Dynamics                                          Tel: 020 7831 3113
(PR adviser to Venice Bidder)
Fergus Wheeler


The directors of Venice Bidder, whose names are set out in the Offer Document,
accept responsibility for the information contained in this announcement and
that, to the best of their knowledge and belief (having taken all reasonable
care to ensure that such is the case), the information contained in this
announcement is in accordance with the facts and does not omit anything likely
to affect the import of such information.

Hawkpoint, which is regulated in the United Kingdom by the Financial Services
Authority, is acting exclusively for Venice Bidder and no one else in connection
with the Offer and will not be responsible to anyone other than Venice Bidder
for providing the protections afforded to its customers or for providing advice
in relation to the Offer or in relation to the contents of this announcement or
any transaction or arrangement referred to herein.

ABN AMRO Hoare Govett is acting as broker for Venice Bidder and is not acting
for anyone else in connection with the Offer and will not be responsible to
anyone else other than Venice Bidder for providing the protections afforded to
its customers or for providing advice in relation to the Offer.

Neither the Offer nor the Loan Note Alternative will be made, directly or
indirectly, in or into the United States or by use of the mails of, or by any
means or instrumentality (including, without limitation, facsimile or other
electronic transmission, telex or telephone) of inter-state or foreign commerce
of, or any facility of, a national, state or other securities exchange of, the
United States, nor will it be made directly or indirectly in or into Canada,
Australia or Japan and the Offer cannot be accepted by any such use, means,
instrumentality or facility or from within the United States, Canada, Australia
or Japan or any other such jurisdiction if to do so would constitute a violation
of the relevant laws of such jurisdiction.  Accordingly, copies of this press
announcement, the Offer Document and the Form of Acceptance are not being, will
not be and must not be mailed or otherwise forwarded, distributed or sent in,
into or from the United States, Canada, Australia or Japan or any other such
jurisdiction if to do so would constitute a violation of the relevant laws of
such jurisdiction and persons receiving this press announcement, the Offer
Document and Form of Acceptance (including without limitation custodians,
nominees and trustees) must not mail, forward, distribute or send them in, into
or from the United States, Canada, Australia or Japan or any other such
jurisdiction if to do so would constitute a violation of the relevant laws of
such jurisdiction.

The Loan Notes which may be issued pursuant to the Offer have not been, nor will
they be, registered under the Securities Act or under the securities laws of any
state of the United States; the relevant clearances have not been, nor will they
be, obtained from the securities commission of any province or territory of
Canada; no prospectus has been lodged with, or registered by, the Australian
Securities and Investments Commission or the Japanese Ministry of Finance; and
the Loan Notes have not been, nor will they be, registered under, or offered in
compliance with, applicable securities laws of any state, province, territory or
jurisdiction of Canada, Australia or Japan or any other such jurisdiction if to
do so would constitute a violation of the relevant laws of such jurisdiction.
Accordingly, the Loan Notes may not (unless an exemption under relevant
securities laws is applicable) be offered, sold, resold, or delivered, directly
or indirectly, in, into or from the United States, Canada, Australia or Japan or
any other jurisdiction if to do so would constitute a violation of the relevant
laws of, or require registration thereof in, such jurisdiction or to, or for the
account or benefit of, any United States, Canadian, Australian or Japanese
person.

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



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

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