Cain International, the privately held investment firm operating in Europe and the United States, today acquired Prezzo from its administrators through a pre-pack arrangement. Its decisive action protects the vast majority of Prezzo’s 2,900 team members’ jobs and will enable the brand to continue serving its customers and communities once hospitality is allowed once again to open its doors. 22 of Prezzo’s 178 restaurants will not reopen, resulting in 216 people leaving the business as part of this process.
Jonathan Goldstein, Chief Executive of Cain International, said:
“We firmly believe that strong hospitality businesses, such as Prezzo, have a bright future and will play an essential role in reviving the UK economy. However, to do so we must get through this current crisis of mounting liabilities and no revenues.
“The lack of visibility on when and how the sector will reopen has heightened economic uncertainty to the point where decisive action had to be taken to secure the future of the business and the majority of jobs for Prezzo’s people. We are deeply sorry for all those affected by the permanent closure of the 22 non-viable restaurants. It was a difficult but essential decision to take but doing so will allow us to save thousands of jobs and create more in the future.”
Prezzo will continue to be led by its existing management team.