TowerBrook Capital Partners purchased Zizzi and ASK Italian owner in £109m deal

TowerBrook Capital Partners purchased Zizzi and ASK Italian owner the Azzurri Group in a deal worth £109.5m, documents filed with Companies House have revealed.

An administrators report into the sale, which saw the closure of 75 sites with around 1,200 jobs lost, shows that seven bids had been made for the company, which had suffered “significant cash flow pressures” as a result of the “deep and far-reaching” impact of the Covid-19 pandemic.

The group, which also incorporates grab-and-go chain Coco di Mama sought a buyer after determining it would need funding of £60m to £90m to reopen its estate following the lifting of Covid-19 restrictions.

It’s sale to TowerBrook was announced last month when the new owner said it would continue to operate 225 venues.

The Azzurri group was formed when Bridgepoint private equity firm acquired Zizzi and Ask Italian in 2015 in a £250m deal.

The documents state that annual revenue had grown from £263m in 2017 to £295m in 2019, but earnings before interest, tax, depreciation and amortization had stayed broadly flat.

It is not anticipated that the sale will see secured creditors repaid in full or that funds will be available to distribute to unsecured creditors.

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