The proprietor of Request Italian and Zizzi pizza chains is to forever close 75 dining establishments with the loss of up to 1,200 work opportunities in the most current blow to the high road.
The closures kind element of a rescue takeover of the Azzurri Team by TowerBrook Cash Companions, the US investment company which earlier owned luxury brand Jimmy Choo and style chain Stage 8 in the Uk. About 225 restaurants and stores are remaining acquired by TowerBrook, preserving 5,000 careers.
The closures arrive amid a shake-out in the relaxed dining sector main to the loss of 1000’s of work. Dining places experienced been struggling from heavy competition, increasing prices and slowing desire from diners ahead of they have been shut for months underneath the significant-avenue lockdown to avoid the distribute of coronavirus.
It emerged on Thursday that Pizza Express is to near up to 75 restaurants as element of a rescue strategy which could put extra than 1,000 work opportunities at possibility. Relaxed Dining Group, the proprietor of Bella Italia, Café Rouge, and Las Iguanas, permanently closed 91 shops when it went into administration this month.
In June, the Restaurant Team, which owns Frankie & Benny’s and Garfunkel’s, explained it would close up to 120 places to eat, with nearly 3,000 work losses, whilst much more than 1,000 Carluccio’s employees misplaced their positions as aspect of a rescue deal in May perhaps.
Steve Holmes, the main executive of Azzurri Team, which also owns the Coco di Mama and Pod fast-food chains, said: “The Covid-19 crisis has experienced a profound affect on the relaxed dining sector, bringing many businesses like ours to a standstill.
“Despite being a profitable operator, the speedy loss of income throughout lockdown meant that we have had to make some incredibly challenging selections to secure the small business for the prolonged expression. It is with deep unhappiness that this process will result in the permanent closure of a number of web-sites and that we ought to say goodbye to enormously valued workers across our brands.”
TowerBrook is investing £70m to help Azzurri and strategies to reopen 40 pizza restaurants next 7 days, followed by its Coco di Mama chain and more Request and Zizzi web-sites later on in the summer. Pod will switch to shipping only.
The rescue offer, which concerned putting the decline-creating Azzurri group into administration, arrives following owner Bridgepoint, which acquired Talk to and Zizzi for £250m in 2015, hired advisers at KPMG to search at selections for the long term its cafe empire.
Holmes stated TowerBrook was a “strong new partner”. He additional: “I am self-confident that, below TowerBrook’s possession, Azzurri will navigate the period in advance properly. We search ahead to welcoming shoppers again in the near long run and to our following chapter with optimism.”