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Prezzo (restaurant)

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Prezzo Trading Limited
Prezzo
Company typePrivate
IndustryRestaurant
FoundedNovember 2000; 24 years ago (2000-11)
Headquarters
Woodford Green, Greater London
,
United Kingdom
Key people
[1]
RevenueIncrease £59.6m GBP (FY 2011) [2]
Increase £7.3m GBP (FY 2011) [2]
ParentPrezzo Holdings
(Cain International)
Websiteprezzo.co.uk

Prezzo Trading Limited,[3] trading as Prezzo ("price" in Italian), is a restaurant chain serving mostly Italian cuisine in the United Kingdom and Ireland. The first restaurant opened on New Oxford Street, London in November 2000. As of January 2019 there were more than 180 branches across the country, following many closures in 2018. It is part of Prezzo Holdings. The chain is currently owned by Cain International.[4]

History

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Prezzo restaurant in Cheam Village, Greater London
Prezzo Restaurant in Albert Street, Harrogate
Prezzo restaurant in Lincolnshire

The first Prezzo restaurant was opened in central London by Jonathan Kaye, the company's chief executive, in 2000.[5] As of January 2019 there were more than 180 branches in the UK. Prezzo opened its first restaurant in Ireland in February 2016. Prezzo commonly converts old buildings of architectural value from their old purposes into Prezzo restaurants;[6] examples include an old cinema in Beaconsfield, Buckinghamshire.[7]

The first owner of the Prezzo business was Jonathan Kaye. In 2008 Jonathan hired cousins Adam Kaye and Samuel Kaye (sons of Philip Kaye) to join Prezzo plc's board of directors.[8] Adam and Samuel founded Ask (restaurant) and Zizzi.

Prezzo donates 25p of the profits raised from sales of their Tropicana Pizza to the children's charity Fight for Life.[9]

In 2011 Aldo Zilli designed four pizzas which were added to the Prezzo menu under the name "V.I.Pizzas".[10]

Private equity firm TPG took over the Prezzo business in 2015 when Jonathan Kaye moved to a non-executive role. In June 2015, Dirk Eller was appointed interim chief executive. Jon Hendry-Pickup joined Prezzo as chief executive in July 2016.[11]

In February 2018, Prezzo confirmed it planned to close 100 of its 300 restaurants and secure a company voluntary arrangement as part of a rescue plan for the chain.[12] On 2 March 2018 they announced that they would close 94 branches, including all 33 outlets of Chimichanga

In 2023, they shut 46 sites.[13]

Financial history

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In February 2006, when Prezzo owned 73 restaurants, it initiated a major expansion of the business by dropping the price per share. This successfully raised £7.125 million to fund further expansion. Net cash at the half-year was £9.4 million. During the first six months of 2006 Prezzo opened 12 new restaurants.[14] In the year ending December 2006, Prezzo showed a 45% growth in turnover to £54.2m, and pre-tax profit grew from £6.1m in the previous year to £8.7m.[15] In April 2008 Prezzo saw sales grow again to £70.1m and pre-tax profit rose 25% to £13.6m.[16]

The chain continued to grow steadily, reporting a 17% rise in profits to £7.3million (GBP) in September 2011.[17] In 2011 the company continued to expand into new restaurant locations, reportedly aiming for a 10% increase in restaurant numbers in 2012.[18]

Prezzo announced that it had gone into administration in late 2020, following the lockdowns of that year, and was later bought by Cain International.

In April 2023, the restaurant chain announced that it was to close a third of its locations after being hit by rising costs for ingredients and energy.[19]

See also

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References

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  1. ^ McAllister, James (21 September 2022). "Dame Karen Jones to step down as Prezzo executive chair". Restaurant. Archived from the original on 2 September 2024. Retrieved 17 November 2023.
  2. ^ a b Carlton, Michael. "Financial Performance: 2011 Interim Report" (PDF). Prezzo PLC. Archived from the original (PDF) on 14 May 2012. Retrieved 9 November 2011.
  3. ^ "PREZZO TRADING LIMITED overview - Find and update company information - GOV.UK". Companies House. 21 January 2021. Archived from the original on 3 August 2023. Retrieved 3 August 2023.
  4. ^ "Italian restaurant chain Prezzo sold to real estate group Cain". Financial Times. 2 December 2020. Archived from the original on 20 November 2022. Retrieved 20 November 2022.
  5. ^ "Prezzo, Prezzo token in Clubcard". Tesco PLC. Retrieved 9 November 2011.
  6. ^ "Prezzo Restaurants - Our Story". Prezzo PLC. Archived from the original on 17 October 2011. Retrieved 9 November 2011.
  7. ^ "Restaurant plans for old cinema in Beaconsfield approved". Bucks Free Press. 7 November 2011. Archived from the original on 2 September 2024. Retrieved 9 November 2011.
  8. ^ Druce, Chris (19 December 2008). "Adam and Sam Kaye join Prezzo board". Caterer and Hotelkeeper. Retrieved 29 November 2011.[permanent dead link]
  9. ^ "Homepage - Fight For Life". Fight For Life. Retrieved 6 March 2018.
  10. ^ "Aldo Zilli creates pizza range for Prezzo". BigHospitality.com. 11 March 2011. Archived from the original on 31 August 2017. Retrieved 9 November 2011.
  11. ^ "Prezzo appoints former Travelodge boss as new chief executive". The Caterer. 31 May 2016. Archived from the original on 3 March 2018. Retrieved 3 March 2018.
  12. ^ Davies, Rob (28 February 2018). "Prezzo restaurant chain to close a third of its UK branches". The Guardian. Archived from the original on 2 September 2024. Retrieved 28 February 2018.
  13. ^ "Prezzo to close 94 restaurants in rescue bid". BBC News. 2 March 2018. Archived from the original on 29 September 2018. Retrieved 21 July 2018.
  14. ^ Druce, Chris (21 February 2006). "Prezzo raise more cash to fund expansion". Caterer and Hotelkeeper. Retrieved 1 December 2011.[permanent dead link]
  15. ^ Kühn, Kerstin (12 April 2007). "Profits soar at Prezzo". Caterer and Hotelkeeper. Retrieved 1 December 2011.[permanent dead link]
  16. ^ Walton, Christopher (9 April 2008). "Prezzo restaurant expansion pays off". Caterer and Hotelkeeper. Retrieved 1 December 2011.[permanent dead link]
  17. ^ Whiterow, Philip (7 September 2011). "Pizza chain Prezzo reports jump in profits". The Independent. London. Archived from the original on 22 December 2015. Retrieved 15 November 2011.
  18. ^ Negus, Richard. "On Market From Fleurets". Fleurets. Archived from the original on 25 April 2012. Retrieved 15 November 2011.
  19. ^ "Prezzo to close a third of its restaurants as bills rise". BBC News. 24 April 2023. Archived from the original on 24 April 2023. Retrieved 24 April 2023.
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