Pizza Pilgrims’ ‘transformative chapter’ delivers profit bounceback

Pizza Pilgrims has returned to profit after its acquisition by German casual dining chain L’Osteria last August.

For the 18 months ended 31 December 2025, the pizza restaurant brand made £0.95m in operating profit, compared to a pre-tax loss of £120,527 in the year to 30 June 2024.

Although the accounting period differed, gross profit increased to £26.8m from the previous £14.5m result, and gross profit margin stepped up to 44.8% from 42.1%.

Revenue climbed to £59.8m from the 2024 financial year’s £34.4m.

The L’Osteria acquisition saw co-founders Thom and James Elliot step back from the board alongside a number of longstanding directors, though they remain as full-time business advisors.

The business is now led by Gavin Smith and Sophie Gilchriest, as chief executive and chief financial officer respectively.

Writing in Pizza Pilgrims’ latest financial statement, Smith described the period as “a transformative chapter in our story – marked by significant investment in new pizzerias, the refurbishment and extension of our first pizzeria in [London’s] Soho, and a new ownership structure that positions the brand for its next exciting phase of growth”.

The 18 months saw five restaurant openings, in Edinburgh, its first in Scotland, Spitalfields and King’s Cross in London; Manchester and Birmingham.

The expansion increased average headcount to 566 team members from 480 in 2024.

Smith added: “As we enter 2026 under new ownership, we are excited about the opportunities ahead. The partnership with FR L’Osteria SE provides a platform for accelerated growth, knowledge-sharing across European markets, and access to operational best practices from a group that operates hundreds of restaurants.

“We are already seeing the synergies in our planning, cost of goods and data sharing. Expansion continues into 2026, with five new pizzerias planned. Glasgow opening in May, Bristol follows in June and Wimbledon is scheduled for later in the summer. We are also exploring a further opening in the second half of the year.”

Pizza Pilgrims was founded in 2012 and now operates 31 restaurants across the UK.

The group won Restaurateur of the Year – Group at the 2025 Cateys.