Italian cafe chain Prezzo has been purchased by personal fairness company Cain International, the providers introduced this afternoon.
Cain International, which also holds stakes in Competitive Socialising – the proprietor of Swingers nuts golf – and women’s personal associates club The Allbright, stated Prezzo has outperformed the struggling relaxed dining sector about the previous 12 months.
Read through a lot more: Prezzo taps advisers to oversee sale procedure
It stated the substantial street restaurant chain traded robustly in the direct up to lockdown in March, and in the intervening period amongst the initially and second lockdowns.
The offer, which is predicted to complete later this thirty day period, signifies a vote in self-assurance in the UK’s casual dining sector, which has been battered by the coronavirus pandemic and lockdown constraints.
Cain International claimed it will assistance Prezzo’s ambition to become the “UK’s favorite Italian” and aid reinvigorate large streets as they start off to recover from the Covid-19 disaster.
Prezzo’s management team, led by government chair Karen Jones, who co-established Cafe Rouge, co-invested in the deal.
Jonathan Goldstein, main executive of Cain International, explained: “We firmly consider that solid hospitality and leisure manufacturers with disciplined leadership will prosper in a put up-Covid landscape.
“Prezzo has a distinct vision for how to most effective provide its shoppers and communities and I am self-confident that the blend of Cain’s operational and monetary skills, the outstanding management team led by Karen, and the determination of Prezzo’s total workforce will help the enterprise to realise its total opportunity.
“We are particularly fired up about joining the Prezzo family and placing it on a route toward renewed progress.”
The put up Italian restaurant chain Prezzo acquired by non-public equity business Cain Worldwide appeared to start with on CityAM.