Prezzo owner 'in discussions' with landlords over its future

09 February 2021 by
Prezzo owner 'in discussions' with landlords over its future

The investment firm which bought restaurant chain Prezzo in December has confirmed it is in discussions with landlords over the future of the brand.

Cain International is working with advisers at FTI Consulting amid ongoing uncertainty about the reopening timetable for hospitality.

Sky News reported that the company is exploring future rent arrangements and payment of arrears ahead of the lease forfeiture moratorium ending on 31 March.

Other options being considered include restructuring via a company voluntary arrangement (CVA) or pre-pack administration, depending on the outcome of talks.

Cain International told The Caterer: "The current, open-ended lockdown, enforced in January 2021, resulted in the required closure of all Prezzo's 178 restaurants. As such, we are continuing our discussions with stakeholders such as our landlords, to protect the future of this brilliant brand and its dedicated team."

In 2018 Prezzo closed 94 restaurants, around a third of its overall estate, under a CVA after admitting it had focused too heavily on "new openings and new concepts".

After the pandemic hit last year numerous casual dining chains, including PizzaExpress, Leon and Carluccio's, underwent restructuring.

Cain's acquisition of Prezzo in December was seen as a vote of confidence in the brand. Announcing the deal in December, Cain co-founder Jonathan Goldstein said he believed strong hospitality and leisure brands "will thrive in a post-Covid landscape".

Prezzo was founded in 2000 and has sites across the UK's high streets, leisure parks and tourist destinations.

Cain's UK hospitality and leisure portfolio includes experiential crazy golf brand Swingers; Maslow's Group, which operates private members' club Mortimer House; and the AllBright member's club for women in business.

Photo: Shutterstock

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking