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Pizza France #2

presented by October France



48 months


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Paris, France



Restaurants and catering services

Presentation of the company

Created in 1987, Pizza France is a franchisee of the fast food chain Pizza Hut The company, acquired in 2007 and managed by Ysenbaert Bruno, employs 309 people and is based in PARIS (75).

management of 16 Pizza Hut restaurants with the Paris Opera, des Halles and boulevard de Bonne Nouvelle restaurants, as well as Villeneuve-la-Garenne (92), Nanteuil-lès-Meaux (77), Sainte-Geneviève-des-Bois (91), Lille (59), Montigny-lès-Cormeilles (95), Plaisir (78), Drancy (93), La Queue-en-Brie (94), Corbeil-Essonnes (91), de Massy (91) ou encore Eragny-sur-Oise (95), Maurepas (78) et Lognes (77).

The company works with private clients and the restaurants are open every day for lunch and dinner.

Project Description

The company wishes to borrow 260 000€ over 48 months to finance the cost of setting up a new Pizza Hut restaurant concept better suited to customers in their thirties. The financing will mainly cover architects’ fees and technical offices, the purchase of materials and equipment as well as marketing and promotion campaign budgets. The deployment of the new concept is planned for the end of 2018 with a test restaurant.

This is a flexible bridge loan, offering the borrower the possibility to prepay without fees beyond the first 9 months.

As a reminder, the Lendix lending community accompanied Pizza France in January 2018 for €230,000 to finance the acquisition of equipment and training of 70 employees in each restaurant to offer a new range of pizza pasta.

Like all projects presented to private lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.

Analyst’s Opinion

With a turnover of 23 790 000€ in 2017 and an experienced team, the company has a good performance record in terms of activity combined with double-digit operating profitability.

In 2017, the decline in activity is linked to the non-renewal of a European advertising campaign

The forecast has been prepared on the basis of 2017 performance taking into account the 2018-2019 budget and the opening of 5 new restaurants over the period.

The borrower has a good repayment capacity with a fixed charge cover ratio* (FCCR) of 1.14 and an excellent financial structure with a net debt to EBITDA ratio of 1.4 and net debt to equity ratio of 66.0%.

The analysis of the project and the borrower leads to a B+ rating with excellent financial solidity and a rate of 4.95% per year.

Highlights :

  • Historical relationship with the franchisor
  • Excellent location of restaurants.
  • Correct forecast repayment capacity with a CCRF of 1.14 backed by the support of its historical banking pool

Vigilance Point :

  • Pizza consumption in France down since 2015

The multiple of CRFC at 1,14 means that the company has a safety margin of 14% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (Scores & Decisions, Corporate Banking File). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.