The private investment firm behind the takeover of Prezzo has declared it is confident of putting the chain on a path towards renewed growth following the turbulence faced by the casual dining industry.
Jonathan Goldstein’s Cain International acquired 185-strong Prezzo as a going concern last week, calling it a “new chapter” for the business.
The deal, which includes co-investment by Prezzo’s management team, will support its ambition to become the “UK’s favourite Italian” as the industry rebounds from the Covid-19 crisis.
Executive chair Karen Jones CBE and her management team will remain in place under the new ownership.
Ms Jones joined as executive chair in 2018 and refocused Prezzo on its core hospitality skills, resulting in positive customer feedback and improved portfolio performance.
Mr Goldstein, who co-founded Cain International six years ago, will join Prezzo’s board of directors following completion of the transaction, which is expected to complete later this month.
He said: “We firmly believe that strong hospitality and leisure brands with disciplined leadership will thrive in a post-Covid landscape.
“Prezzo has a clear vision for how to best serve its customers and communities and I am confident that the combination of Cain’s operational and financial expertise, the exceptional management team led by Karen, and the commitment of Prezzo’s entire workforce will enable the business to realise its full potential. We are extremely excited about joining the Prezzo family and putting it on a path toward renewed growth.”
Cain International claims Prezzo has outperformed the sector over the last 12 months with robust trading leading up to the lockdown in March, and in the intervening period between the March and October lockdowns.
It said these periods of trading, together with the new support it can offer, will give Prezzo a strong platform for its future growth.
The firm’s current UK hospitality and leisure portfolio includes experiential crazy golf brand Swingers; Maslow’s Group, which operates private members’ club Mortimer House; and The AllBright, the collective for women in business.
Ms Jones said: “We are delighted to be teaming up with Jonathan and Cain International. Together, we think our shared belief in great hospitality and entrepreneurial approach combined with a restaurant business based in the high streets of the UK, represents a powerful blend for the times we live in.”