Cain Global mulling insolvency system for Italian chain Prezzo

The non-public equity firm which acquired Italian chain Prezzo in December is reportedly mulling putting the restaurant team as a result of an insolvency course of action.

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Sky Information claimed that Cain International was looking at a variety of solutions, such as pre-pack administration, as uncertainty in excess of the potential of the informal eating sector goes on.

The agency, which also owns Swingers ridiculous golf, is at this time in talks with numerous landlords about foreseeable future hire arrangements and the payment of arrears.

It is reportedly doing work with FTI Consulting on what alternative to just take, based on the outcomes of the talks.

Cain International purchased up Prezzo in December in what was observed as a vote of self-assurance in the sector, which has been laid small by the pandemic.

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At the time, the business stated that it would assistance Prezzo’s ambition to become the “UK’s favorite Italian” and assistance reinvigorate high streets as they start to recover from the Covid-19 crisis.

But with the British isles at this time in the midst of a third countrywide lockdown, and facts of the lifting of limits still to materialise, issues above the potential of high road stalwarts like Prezzo goes on.

As a result of the pandemic, numerousprominent chains, like the house owners of Check with Italian, Pizza Categorical, Leon and Wahaca, utilized insolvency procedures very last year.

Examine more: Italian restaurant chain Prezzo acquired by private equity firm Cain Intercontinental

A spokesperson for Cain Global explained: “The existing, open up-finished lockdown, enforced in January 2021, resulted in the needed closure of all Prezzo’s 178 places to eat. 

“As these types of, we are continuing our discussions with stakeholders such as our landlords, to safeguard the long term of this brilliant model and its focused workforce.”

Metropolis A.M. has contacted Prezzo for comment.

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