Tue, 25 Jul 2017 | DIVISION SALE
Italian restaurant group Prezzo has announced it will sell 27 of its UK locations and rein in new openings, as many restaurant operators in the country continue to slim down their offerings.
Matching moves made by Jamie’s Italian, Strada and Byron, Prezzo is hoping to find buyers for almost 10 per cent of its estate, including eight Chimichanga Tex-Mex restaurants and 19 locations or restaurants under its eponymous Italian brand.
Reports from restaurant and pubs industry website MCA reveal that Prezzo has engaged property agents JLL and NG&G to find buyers for the properties.
Though Prezzo was founded by the Kaye family, it was bought by US private equity firm TPG in 2015 in a deal worth £304 million. The decision to sell the leasehold sites comes almost a year after TPG appointed Jon Hendry-Pickup, previously chief operating officer at Travelodge, as Prezzo’s new CEO.
Since then, the group has expanded from 250 to 300 restaurants, revamped its core brand and launched Mexico, a Mexican dining concept.
In a statement announcing the move, Hendry-Pickup said: “So that Prezzo is best positioned for further growth, we’re reviewing the potential disposal of a select number of leases where trading is not in line with the rest of the portfolio, while continuing our programme of opening new restaurants and investing in refurbishments.”
Prezzo joins a host of restaurant operators forced into making closures or disposals of sites thanks to the increasing pressures facing them. Many cite rising labour costs, business rates and food inflation squeezing some margins, particularly in the casual dining space.
Though openings have largely continued, companies such as the Restaurant Group, which runs brands such as Frankie and Benny’s and Chiquito, has closed 45 locations in the past year after its share price plummeted.
Jamie’s Italian – which closed six restaurants – along with Byron (four) and Burger & Lobster (also four) make up some other big names forced into closures this year.
Subscribe to Business Sale Report here
Restaurants for sale
Expressions of interest for the business and assets are required by 5pm on 24th July 2019 with bids anticipated shortly thereafter. An opportunity exists to acquire the shares or alternatively the business and assets of this UK based, innovative comp...
*Trade Enquiries Only*. A leading UK designer, manufacturer and global distributor of critical components in specified compression fittings with a crucial safety function. Offers invited.
Manufacturer of Nets for everything except fishing. More than 130 years of continuous trading. The Company was founded in 1889 and is a very well established manufacturing business and has been a pioneer in the industry and consistently & successfull...
LEASEHOLD
|
19
|
|
Jul
|
Outdoor activity centre completes MBO | BUSINESS SALE
An outdoor water activity centre has been successfully sold ...
|
18
|
|
Jul
|
Filtermist International completes acquisition of industrial vacuum cleaner manufacturer | BUSINESS SALE
Filtermist International, an air extraction and filtration s...
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
Sign up to receive our acquisition alert emails to get your FREE guide
|
27
|
|
Apr
|
Poundworld stores could close as firm considers insolvency | ADMINISTRATION
Budget retail chain Poundworld could shut around one third o...
|
26
|
|
Mar
|
Prezzo announces closure of 94 restaurants | BUSINESS SALE
The Prezzo restaurant chain has announced that creditors hav...
|
07
|
|
Apr
|
Prezzo operates a tasty M&A strategy | BUSINESS NEWS
High street restaurant chain, Prezzo, has seen its taste for...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources