June 30, 2022

a store front at night

© Furnished by Metropolis AM

The personal equity agency which bought Italian chain Prezzo in December is reportedly mulling putting the restaurant group by way of an insolvency technique.

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Sky Info claimed that Cain Worldwide was contemplating a quantity of options, equivalent to pre-pack administration, as uncertainty above the potential of the casual eating sector goes on.

The agency, which additionally owns Swingers nuts {golfing}, is presently in talks with quite a few landlords about future lease preparations and the fee of arrears.

It’s reportedly working with FTI Consulting on what option to take, depending on the outcomes of the talks.

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

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On the time, the group mentioned that it could steering Prezzo’s ambition to show into the “UK’s favourite Italian” and help reinvigorate substantial streets as they get began to recuperate from the Covid-19 disaster.

However with the British isles presently within the midst of a third nationwide lockdown, and information of the lifting of limitations however to materialise, fears about the long run of superior highway stalwarts like Prezzo goes on.

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As a finish results of the pandemic, numerousprominent chains, along with the house owners of Ask Italian, Pizza Particular, Leon and Wahaca, used insolvency procedures ultimate yr.

Research way more: Italian restaurant chain Prezzo purchased by private fairness group Cain Worldwide

A spokesperson for Cain Intercontinental reported: “The present, open up-ended lockdown, enforced in January 2021, resulted within the required closure of all Prezzo’s 178 eating institutions. 

“As these sorts of, we’re persevering with our conversations with stakeholders this sort of as our landlords, to defend the potential of this good model and its devoted employees.”

Metropolis A.M. has contacted Prezzo for comment.

The publish Cain Intercontinental mulling insolvency course of for Italian chain Prezzo – report appeared 1st on CityAM.