March 4, 2021

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Cain Global mulling insolvency system for Italian chain Prezzo



a store front at night


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The private equity company which purchased Italian chain Prezzo in December is reportedly mulling putting the restaurant team as a result of an insolvency approach.

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Sky News described that Cain International was thinking of a amount of possibilities, together with pre-pack administration, as uncertainty about the potential of the informal dining sector goes on.

The agency, which also owns Swingers nuts golf, is at the moment in talks with various landlords about potential lease preparations and the payment of arrears.

It is reportedly doing the job with FTI Consulting on what option to just take, depending on the outcomes of the talks.

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

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At the time, the company explained that it would aid Prezzo’s ambition to come to be the “UK’s favourite Italian” and assist reinvigorate high streets as they commence to get better from the Covid-19 disaster.

But with the Uk at the moment in the midst of a 3rd national lockdown, and information of the lifting of constraints nonetheless to materialise, issues around the long run of substantial street stalwarts like Prezzo goes on.

As a result of the pandemic, numerousprominent chains, which include the homeowners of Request Italian, Pizza Express, Leon and Wahaca, made use of insolvency processes final year.

Examine more: Italian cafe chain Prezzo purchased by non-public equity firm Cain Worldwide

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

“As these, we are continuing our discussions with stakeholders these kinds of as our landlords, to guard the long run of this brilliant model and its dedicated group.”

Metropolis A.M. has contacted Prezzo for remark.

The post Cain International mulling insolvency course of action for Italian chain Prezzo – report appeared first on CityAM.