The High Street pizza chain said it had "received approaches which may or may not lead to an offer being made for the company".

One of these approaches has come from executive directors of the company, reportedly led by chief executive David Page.

Investors welcomed the news, marking Pizza Express shares 24.2% higher by the close.

Changing menu

PizzaExpress has been the subject of takeover speculation for months.

Some of its problems are self-inflicted but a lot are down to the weak London markets Alan Miller, Old Mutual Securities

The group admitted in October that its restaurants were struggling, particularly in London, because of slowing tourist numbers and weaker consumer spending.

More seriously, the continued success of newly-arrived competitors such as ASK Central called Pizza Express' once unstoppable business model into question.

Earlier this month, the group said it was increasing the size of its pizzas in a bid to woo back diners.

It has also started refurbishing some of its older London eateries.

Last month, a £250m offer for the group from one of its previous owners, Hugh Osmond, failed.

PizzaExpress said at the time it had been "unable to accept" the offer.

Private revamp

Leisure analyst Alan Miller at Old Mutual Securities told BBC News Online that PizzaExpress was still an attractive bid target for investors, "if you are prepared to take a long term view".

"Some of its problems are self-inflicted but a lot are down to the weak London markets," said Mr Miller.

He suggested chief executive David Page was probably leading the management bid for the company, and that taking the company private would remove it from the glare of the stock market.

"It releases them from pressure," said Mr Miller.

News of the renewed bid interest sent PizzaExpress shares up over 24% to 330p, giving the company a market value of £237m.

Mr Miller suggested an offer in the region of 350p to 370p per share "looks eminently possible".