June 27, 2022

a store front at night

© Equipped by Metropolis AM

The personal fairness agency which acquired Italian chain Prezzo in December is reportedly mulling placing the restaurant staff because of an insolvency plan of action.

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Sky Data claimed that Cain Worldwide was taking a look at quite a lot of options, comparable to pre-pack administration, as uncertainty in extra of the potential of the casual consuming sector goes on.

The company, which additionally owns Swingers ridiculous golf, is at the moment in talks with quite a few landlords about foreseeable future rent preparations and the fee of arrears.

It’s reportedly doing work with FTI Consulting on what different to simply take, based mostly on the outcomes of the talks.

Cain Worldwide bought up Prezzo in December in what was noticed as a vote of self-assurance within the sector, which has been laid small by the pandemic.

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On the time, the enterprise acknowledged that it could help Prezzo’s ambition to change into the “UK’s favourite Italian” and help reinvigorate excessive streets as they begin to get better from the Covid-19 disaster.

However with the British isles at the moment within the midst of a 3rd countrywide lockdown, and info of the lifting of limits nonetheless to materialise, points above the potential of excessive street stalwarts like Prezzo goes on.

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Because of the pandemic, numerousprominent chains, like the home homeowners of Verify with Italian, Pizza Categorical, Leon and Wahaca, utilized insolvency procedures final yr.

Look at extra: Italian restaurant chain Prezzo acquired by non-public fairness agency Cain Intercontinental

A spokesperson for Cain World defined: “The prevailing, open up-finished lockdown, enforced in January 2021, resulted within the wanted closure of all Prezzo’s 178 locations to eat. 

“As most of these, we’re persevering with our discussions with stakeholders comparable to our landlords, to safeguard the long run of this good mannequin and its targeted workforce.”

Metropolis A.M. has contacted Prezzo for remark.

The submit Cain Worldwide mulling insolvency system for Italian chain Prezzo – report appeared first on CityAM.