Italian restaurant chain Prezzo has been acquired by non-public equity organization Cain Global, the corporations declared this afternoon.
Cain Worldwide, which also retains stakes in Competitive Socialising – the proprietor of Swingers mad golfing – and women’s private customers club The Allbright, claimed Prezzo has outperformed the having difficulties casual dining sector more than the past 12 months.
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It said the higher road restaurant chain traded robustly in the direct up to lockdown in March, and in the intervening period in between the 1st and 2nd lockdowns.
The offer, which is predicted to complete later this thirty day period, signifies a vote in assurance in the UK’s casual eating sector, which has been battered by the coronavirus pandemic and lockdown constraints.
Cain International said it will help Prezzo’s ambition to develop into the “UK’s favourite Italian” and enable reinvigorate high streets as they start off to recover from the Covid-19 crisis.
Prezzo’s administration crew, led by executive chair Karen Jones, who co-founded Cafe Rouge, co-invested in the offer.
Jonathan Goldstein, chief government of Cain Worldwide, reported: “We firmly consider that potent hospitality and leisure makes with disciplined management will prosper in a publish-Covid landscape.
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“Prezzo has a apparent eyesight for how to very best serve its clients and communities and I am confident that the mix of Cain’s operational and money experience, the extraordinary management staff led by Karen, and the dedication of Prezzo’s entire workforce will permit the organization to realise its full opportunity.
“We are very psyched about joining the Prezzo loved ones and placing it on a path toward renewed progress.”