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This is the first of a four-case series (397-008-1 to 397-011-1). Peter Boizot, the founder and majority shareholder of Pizza Express Ltd, had successfully developed the business over a period of 27 years, and by 1992 the company had 66 restaurants and a turnover of almost #17 million. However, growth had now slowed and the company was facing financial difficulties, largely due to the high level of debt that the company had built up over the previous five years. Peter was also under pressure from one of the minority shareholders, Hugo Carlisle, to pay the moneys that Peter''s own related businesses owed to Pizza Express. Carlisle wanted Peter to sell Pizza Express, which Peter was reluctant to do as he wanted to continue his involvement in the business; he wondered, however, whether he had any other options. Peter was also concerned whether the company could, in any case, be sold for #10-#11 million, the minimum he felt would be necessary to pay off the inter-company debt and to put his own businesses on a sound financial footing.