Prezzo look to put new owners on the menu
By Rob Freeman | 2nd July 2020
Prezzo has become the latest restaurant chain to look at a potential sale as it looks to survive the coronavirus pandemic.
The Italian chain, which has two outlets in Cheltenham, is reopening 35 of its 180 restaurants over the next few weeks as lockdown restrictions are eased with the remaining branches following over the summer.
But according to Sky News the company, which is part owned by American buyout giant TPG, is looking to simplify the ownership structure.
It has asked FRP Advisory to explore expressions of interest ahead of a sale as a going concern.
Prezzo, which employs around 3,000 people, is said to have been trading well ahead of the coronavirus closures in March which saw the majority of staff placed on furlough.
Rivals ASK and Zizzi, part of the Azzurri Group, are believed to be close to a sale with private equity firms Epiris and Towerbook the leading contenders.
And Casual Dining Group has seen interest for its Bella Italia, Cafe Rouge and Las Iguanas chains.
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