PizzaExpress, Third Space, Itsu, Poundland and Morrisons are all in play in some form, and Waterstones is weighing a listing. Several changed hands around the pandemic, and some carry heavy debt.
Investment firms that own British consumer businesses are trying to sell several of them at once.
Owners of PizzaExpress and the gym chain Third Space are seeking buyers, according to a newspaper report on Monday, and the discount retailer Poundland, bought by Gordon Brothers in June 2025, began a formal sale process last month. The sushi chain Itsu is exploring a transaction, and the bookseller Waterstones, owned by Elliott since 2018, is considering an initial public offering. Clayton, Dubilier & Rice, which bought the supermarket chain Morrisons in 2021, is also looking for a way out, though no formal sale process has been announced.
Bankers say the sale of Boots could help unlock further deals. Sycamore Partners and co-seller Stefano Pessina agreed on Oct. 7 to sell the pharmacy chain for about $8.9 billion including debt to Wittington, the Weston family's Canadian holding company, together with Fairfax. The deal is expected to close in the first quarter of 2027, subject to regulatory approvals.
The assets
PizzaExpress has been controlled by its creditors, including Bain Capital's special-situations arm and Cyrus Capital, since a 2020 restructuring. Its owners were reported last month to have hired Rothschild to run a sale that could value the chain at up to £500 million.
KSL Capital Partners, which bought Third Space in 2021, was reported in February to be preparing an auction that could value the London gym group at about £700 million.
Morrisons carries about £7.5 billion of debt, including lease liabilities. Talks about a combination with Sainsbury's ran from November 2025 to February 2026 and are no longer active.
Valuation and debt
PizzaExpress and Third Space together would be worth up to about £1.2 billion at those reported valuations, about one-sixth of Morrisons' debt alone. Any sale of Morrisons would have to address that balance before equity holders see a return, which makes it a different kind of exit from the smaller chains.
Market implications
One reading is that a window is opening. A large agreed sale such as Boots gives lenders and buyers a reference point, and sellers are moving several assets to market while it is open.
A second reading is that the sellers are under pressure as much as they are seizing an opportunity. Some of these businesses, Morrisons most of all, were bought with heavy borrowing before interest rates rose, and owners of pandemic-era holdings face pressure from their own investors to return cash.
What to watch
Bids for PizzaExpress and Third Space, any formal sale process for Morrisons and a decision on a Waterstones listing will show whether buyers are paying the prices sellers want. Completion of the Boots sale, expected in the first quarter of 2027, will confirm the reference price.