L'Osteria acquires majority stake in Pizza Pilgrims

Neapolitan pizza company Pizza Pilgrims has reached an agreement with Italian restaurant group L'Osteria, part of the McWin brand portfolio, to acquire a majority stake in the business for an undisclosed sum. 

Founded in 2012, Pizza Pilgrims is known for its authentic, slow-proved pizzas, starting as a market stall before expanding into a multi-site franchise. The group currently has 26 venues across the UK in cities such as London, Brighton, Cambridge, Nottingham and Leeds. 

Building on its initial success in the capital, Pizza Pilgrims has continued to prove its credentials nationwide. With a strong pipeline of sites and target locations, it has opened inaugural outlets in Wales (Cardiff) and Scotland (Edinburgh) in recent months, with new pizzerias soon to open in Manchester, Birmingham, Bristol and London's King's Cross. The expansion has largely been self-funded to date, with the business scoring a strong ROCE of 80% across mature sites. 

L'Osteria

Originating in Nuremberg, Germany, in 1999, L'Osteria operates over 200 restaurants across 10 European countries. The brand is known for its 45cm pizzas and pasta made in its own pasta factory. The concept is backed by McWin, a private investment fund specialising in the foodservice industry, with a portfolio that currently includes the likes of Gail's, Big Mamma Group and Sticks'n'Sushi. 

L'Osteria will partner with Pizza Pilgrims as the company embarks on the next phase of growth across the UK and worldwide. The pizza chain will benefit from the operator's extensive European network and expertise. 

Both brands will remain independent while being developed internationally in parallel by their respective teams. Pizza Pilgrims will continue to be led by Gavin Smith and Sophie Gilchriest, who will be promoted to CEO and CFO, respectively. Co-founders Thom and James Elliot will remain involved in the full-time running of the business. 

The Elliots comment: "The opportunity for us to move forward and learn from the vastly experienced team at L'Osteria, as well as McWin, is huge. We are delighted that Gavin and Sophie, who have been part of the business for many years, will be stepping up into their new roles as CEO and CFO respectively, to lead the business into its next chapter alongside ourselves and the senior management team."

Jacek Trybuchowski, CEO of L'Osteria, adds: "Pizza Pilgrims is a strong, successful brand with a clear Italian profile and an excellent team – both of our brands combine a high-quality standard as well as the passion for Italian cuisine and the joy of Italy. The investment marks another milestone on our journey of becoming 'European champion in casual dining'. Together with the Pizza Pilgrims team, we are looking forward to entering the next phase of growth."

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