Its debts are crushing. The restaurant market is saturated. The dough balls weren’t quite garlicky enough. Over the last few days we have heard lots of explanations for why Pizza Express is suddenly in trouble and might even disappear from the high street. But in fact there is a simpler one that has been overlooked. It is owned by the Chinese. And while the Chinese may have the world’s most dynamic economy, they are also turning into the world’s worst investors.

Over the last five years, there have been a wave of Chinese takeovers of British companies as that rising giant of an economy starts to flex its financial muscle. But there is also a pattern emerging. From Pizza Express, to Thomas Cook, to House of Fraser and Hamleys, these deals are all turning sour. It turns out China’s entrepreneurs don’t have the experience to work out a good deal, and their own fast expanding market is so different to our mature one that they can’t see how much trouble lies in store for the companies they are buying into. They may get savvier one day – but there is no sign of it yet.

There has been plenty of hyperbole about Chinese companies taking over the world. Acquisitions in Europe hit a peak of €35bn (£27bn) in 2016, and even though it has declined since then it is still running at €30bn a year. In Europe, with their usual protectionist instincts, countries are already putting up barriers. Germany has put in tougher rules to make it harder for Chinese businesses to take control of its customers, and earlier this year the EU stepped up its scrutiny of the country’s ambitions.

Emmanuel Macron, France’s president, has led calls for new laws to prevent “strategic industries” falling under Chinese control.

But perhaps no one need worry too much. Most of the money the Chinese spend will simply be wasted. Just take a look at the evidence. Five years ago China’s Hony Capital paid £900m for Pizza Express, perhaps under the impression it could take the brand global. It remains to be seen what happens to the business next, and it would be unfair to write it off completely – but that is not looking like a great deal right now and its owners will struggle to hang on to the cash they have put into the business.