The large debt works out to £1.6 million a restaurant, threatening the corporate's future, which has over 470 branches throughout the nation.
Pizza Express could face an uncertain future.
The restaurant chain has hired advisers at corporate finance firm Houlihan Lokey to prepare for debt talks with creditors amid hard trading conditions for casual dining chains in the UK.
The high street pizza chain has reportedly hired advisors to guide it through debt talks with its creditors amid tough trading conditions for United Kingdom restaurant chains.
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It comes just months after the United Kingdom lost Jamie's Italian from the high street.
He mentioned: 'Within the first half of the yr, we're happy that now we have remained resilient throughout all our markets regardless of sector-wide challenges.
In recent years Pizza Express has looked to expand beyond its core United Kingdom restaurant business - by partnerships with supermarkets and Deliveroo in the United Kingdom and by looking at growth overseas.
Leigh Sparks, professor of retail studies at Stirling University, said: "The cost of doing business is a major issue right hnow and there is no reason that Pizza Express would be immune to that".
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Representatives from Houlihan Lokey Inc declined to comment when approached by Bloomberg. Pizza Express is reportedly fighting to avoid going into administration.
TV presenter Jake Humphrey wrote: "People who aren't bothered about Pizza Express folding have never been in a town they don't know, at 3pm, with two screaming, hungry kids & a headache".
It's a tough time for high street restaurants, as Pizza Express' turmoil comes not long after Jamie's Italian shut its doors nationwide amid its own financial struggles.
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