Offer Update

RNS Number:1223M
ING Bank N.V. London Branch
10 June 2003

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.


FOR IMMEDIATE RELEASE


10 JUNE 2003

                             RECOMMENDED CASH OFFER

                                       by

                                  ING BARINGS

                                  on behalf of

                               GONDOLAEXPRESS PLC

                                      for

                                PIZZAEXPRESS PLC

          ACCEPTANCES AT FIFTH CLOSING DATE AND EXTENSION OF THE OFFER


The Board of GondolaExpress announces that, as at 3.00 p.m. on 9 June 2003,
being the fifth closing date of the Offer, GondolaExpress has received valid
acceptances of the Offer in respect of a total of 52,898,835 PizzaExpress
Shares, representing approximately 73.68 per cent. of the Existing Issued Share
Capital of PizzaExpress.


On 3 April 2003, GondolaExpress announced that it had received irrevocable
undertakings to accept the Offer from PizzaExpress Executive Directors and from
a PizzaExpress institutional Shareholder amounting, in aggregate, to 6,632,475
PizzaExpress Shares, representing approximately 9.24 per cent. of the Existing
Issued Share Capital of PizzaExpress. Valid acceptances have been received in
respect of all of these PizzaExpress Shares and these Shares are included in the
total above.


Immediately prior to the commencement of the Offer Period, GondolaExpress and
persons deemed to be acting in concert with GondolaExpress owned or controlled,
in aggregate, 36,700 PizzaExpress Shares, representing approximately 0.05 per
cent. of the Existing Issued Share Capital of PizzaExpress. Valid acceptances of
the Offer have been received by GondolaExpress in respect of these Shares and
they are included in the total in the first paragraph above.  Save as disclosed
herein, neither GondolaExpress nor any of the directors of GondolaExpress nor
(so far as GondolaExpress is aware) any party deemed to be acting in concert
with GondolaExpress, owned or controlled any PizzaExpress Shares or had rights
over PizzaExpress Shares on 13 December 2002, (the last business day before the
commencement of the Offer Period) nor have they acquired or agreed to acquire
any PizzaExpress Shares or rights over PizzaExpress Shares during the Offer
Period.


The Board of GondolaExpress announces that the Offer has been extended for a
period of seven days and will therefore remain open for acceptance until 1.00
p.m. on 16 June 2003.


PizzaExpress Shareholders should be advised that, unless the Panel consents
otherwise, if the acceptance condition of the Offer is not satisfied or waived
by 16 June 2003 the Offer cannot be extended and will lapse.


PizzaExpress Shareholders who wish to accept the Offer, and who have not done
so, should complete the Form of Acceptance (whether or not their PizzaExpress
Shares are held in CREST) enclosed with the Offer Document and return it,
together with supporting documents, as soon as possible and, in any event, so as
to be received no later than 1.00 p.m. on 16 June 2003.


Certain terms used in this announcement are defined in the Offer Document dated
17 April 2003.


Enquiries

TDR Capital                                                 Tel:   [phone]
Manjit Dale
Stephen Robertson

Capricorn                                                   Tel:   [phone]
Robbie Enthoven
Charles Luyckx

ING Barings                                                 Tel:   [phone]
(Financial adviser and broker to GondolaExpress)
Tom Quigley
Simon Newton
Adam Fraser-Harris

Gavin Anderson & Co                                         Tel:   [phone]
(PR adviser to GondolaExpress)
Neil Bennett
Ken Cronin



ING Bank N.V., London branch, ("ING Barings"), which is regulated in the United
Kingdom by The Financial Services Authority, is acting exclusively for
GondolaExpress and no one else in connection with the Offer and will not be
responsible to anyone other than GondolaExpress for providing the protections
afforded to clients of ING Barings or for giving advice in relation to the Offer
or in relation to the contents of this announcement or any transaction or
arrangement referred to herein.


Neither the Offer nor the Loan Note Alternative is being made, directly or
indirectly, in or into the United States or by use of the mails, or by any means
or instrumentality (including, without limitation, facsimile transmission,
electronic mail, telex, telephone and internet) of United States inter-state or
foreign commerce, or any facility of a United States national securities
exchange nor is it being made in or into Canada, Australia or Japan.
Accordingly, copies of this announcement, the Offer Document, the Form of
Acceptance and any other document relating to the Offer are not being, and must
not be, mailed or otherwise distributed or sent in or into the United States,
Canada, Australia or Japan and persons receiving such documents (including,
without limitation, custodians, nominees and trustees) must not distribute,
forward, mail, transmit or send them in, into or from these jurisdictions as
doing so may render invalid any purported acceptance of the Offer by persons in
any such jurisdiction.


The Loan Notes which may be issued pursuant to the Loan Note Alternative have
not been, and will not be, registered under the Securities Act or under any
relevant laws of any state or other jurisdiction of the United States, nor have
the clearances been, nor will they be, obtained from the securities commission
or similar authority of any province or territory of Canada and no prospectus
has been, or will be, filed, or registration made, under any securities law of
any province or territory of Canada, nor has a prospectus in relation to the
Loan Notes has been, nor will one be, lodged with, or registered by, the
Australian Securities and Investments Commission, nor have any steps been taken,
nor will any steps be taken, to enable the Loan Notes to be offered in
compliance with applicable securities laws of Japan.  Accordingly, unless an
exemption under relevant securities laws is available, the Loan Notes may not be
offered, sold, re-sold or delivered, directly or indirectly, in, into or from
the United States, Canada, Australia or Japan or any other jurisdiction in which
an offer of Loan Notes would constitute a violation of relevant laws or require
registration of the Loan Notes, or to or for the account or benefit of any US
person or resident of Canada, Australia or Japan or any other such jurisdiction.


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


The availability of the Offer and/or the Loan Note Alternative to PizzaExpress
Shareholders who are not resident in the United Kingdom may be affected by the
laws of their relevant jurisdictions.  PizzaExpress Shareholders who are not so
resident should inform themselves about and observe such applicable
requirements.


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