the master of high street restaurant stores ASK Italian and Zizzi is deciding on selling business, when you look at the newest indication of just how coronavirus is reshaping a laid-back food sector that was struggling ahead of the pandemic.
Azzurri Group, which includes the grab-and-go string Coco di Mama, happens to be nearing prospective purchasers through its advisers at KPMG, Sky News reported on Thursday.
The purchase, which could be for many or a number of the group as well as its 300 roughly Italian informal dinner restaurants, is reported to be one of the options becoming considered by Azzurris owner, personal equity company Bridgepoint.
the possibility purchase of Azzurri, which employees roughly 6,000 individuals, contributes to concerns that many restaurants will continue to be permanently closed when pandemic lockdown restrictions are raised.
Though restaurant stores eg Zizzi and get Italian used the governing bodies furlough system and avoided rent payments to landlords as they continue to be shuttered, many have informed your mix of months of closing and the aftereffect of social-distancing needs on dining capacity suggests they'll be not able to reopen profitably.
The BBC on Wednesday reported that supervisors at the Italian-American string Frankie & Bennys have been told that up to 120 web sites is shut permanently due to the influence of coronavirus crisis, starting to 3,000 jobs in danger.
The Restaurant Group, which is the owner of Frankie & Bennys and Wagamama, began insolvency proceedings for Tex-Mex chain Chiquito in March, and said 61 out of 80 branches would shut forever.
in-may, everyday Dining Group, which works Bella Italia and Las Iguanas, submitted an intent to appoint administratorsin court, while more than 1,000 Carluccios workers lost their tasks following the Italian restaurant chain fell into administration and just element of it absolutely was sold to competing Boparan Restaurant Group, the master of Giraffe.
Burger sequence Byron is also seeking a purchaser and PizzaExpress, Prezzo and Wahaca tend to be among other stores reviewing their particular financing options.
Azzurri Group ended up being created in 2015 when Bridgepoint purchased ASK Italian and Zizzi for 250m. The purchase had been part of an exclusive equity spree in everyday eating boomthat fuelled rapid expansion into the industry and generated an oversaturated marketplace and left chains with a high quantities of debt.