Italian cafe chain Prezzo snapped up by investor Cain International

Italian restaurant chain Prezzo has been snapped up by personal fairness large Cain Worldwide.

a circuit board: The value of the sale was not disclosed (Ian West/PA)

© Ian West
The worth of the sale was not disclosed (Ian West/PA)

The chain was sold as a going issue, indicating it was continuing to trade profitably, by past private fairness entrepreneurs TPG right after the UK’s relaxed dining sector was hammered by the pandemic.

Cain claimed its expenditure, which involves co-financing by Prezzo’s administration workforce, will help the 180-website firm’s ambition to become the “UK’s favorite Italian”.

Rivals which include Pizza Categorical, Pizza Hut and Check with Italian-operator Azzurri Team have carried out key restructures after restaurants ended up forced to temporarily close in the face of the pandemic.

text: Prezzo temporarily closed all of its sites after the pandemic struck the UK in March (Ian West/PA)

© Presented by PA Media
Prezzo temporarily shut all of its websites following the pandemic struck the Uk in March (Ian West/PA)

Prezzo explained it has “outperformed” the sector this 12 months regardless of Covid-19, hailing “robust trading” prior to March and involving England’s two nationwide lockdowns.

The value of the sale was not disclosed but comes six many years after TPG purchased the chain for a lot more than £300 million.

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In 2018, the group underwent a firm voluntary arrangement (CVA) that noticed one 3rd of its around 300 web sites shut and finished a personal debt-for-equity swap.

Karen Jones, government chair of Prezzo, reported: “We are delighted to be teaming up with Jonathan (Goldstein) and Cain International.

“Together, we consider our shared belief in good hospitality and entrepreneurial technique merged with a cafe company based mostly in the large streets of the Uk, represents a effective mix for the times we are living in.

“As we glimpse ahead to this new chapter, I would like to choose this possibility to also thank TPG and our other shareholders for their a must have help and work in excess of the decades.”

Jonathan Goldstein, chief government and co-founder of Cain Worldwide, will be a part of Prezzo’s board of administrators pursuing the completion of the deal, which is expected to go through afterwards this month.

Mr Goldstein mentioned: “We firmly think that powerful hospitality and leisure models with disciplined management will prosper in a submit-Covid landscape.

“Prezzo has a obvious eyesight for how to best provide its customers and communities and I am assured that the mixture of Cain’s operational and economical abilities, the extraordinary administration crew led by Karen, and the dedication of Prezzo’s entire workforce will empower the small business to realise its full probable.

“We are extremely psyched about joining the Prezzo spouse and children and putting it on a path towards renewed advancement.”