Chinese private equity firm Hony Capital is eyeing to buy UK-based chain PizzaExpress.

Hony Capital is reported to have approached some UK- and US-based buyout funds to bid for PizzaExpress, which is for sale for £1 billion ($1.7 billion).

Founded in 1965, PizzaExpress has around 500 outlets around the world, with plans to open 200 new ones in markets such as China and India during the next five years.

Cinven, backer of PizzaExpress, has hired investment bank Goldman Sachs to run the auction.