Azzurri Group completes refinancing ahead of Dave’s Hot Chicken boom

Hospitality investment platform Azzurri Group has completed a refinancing programme as it looks to roll out Dave’s Hot Chicken across the UK and continental Europe.

 

The four-and-a-half-year facility consists of a new senior term loan, as well as a new capital acquisition facility and upweighted RCF (revolving credit facility).

 

The funds will support Azzurri’s ambitious growth plans, which are focused on rapidly expanding Dave’s Hot Chicken across the UK and launching the Nashville-style hot chicken brand in Europe in 2026.

 

After making its UK debut in London’s Piccadilly late last year, Dave’s Hot Chicken has announced it is targeting 60 locations across the UK and 180 sites across continental Europe.

 

Just this week, the north American fast-casual chain opened a store in Stevenage, which will be followed by an opening at London’s Westfield White City later this month.

 

Dave’s Hot Chicken was founded in Los Angeles in 2017 by three Armenian-American childhood friends, including chef Dave Kopushyan, the brand’s namesake, who worked at Thomas Keller’s three-Michelin-starred French Laundry in California before developing the brand’s spicy chicken recipe.

 

Jim Attwood, managing director of Dave’s Hot Chicken UK, said: “Stevenage and Westfield White City are important steps for us as we grow across the UK. Stevenage is our first suburban leisure park location with a strong LA influence, while Westfield White City places us in one of London’s busiest shopping destinations. We’re excited to open our doors and welcome both new and returning fans.”

 

Steve Holmes, chief executive of Azzurri Group, added: “This new facility gives us greater financial flexibility and additional funds to accelerate our ambitious growth strategy, particularly for Dave’s Hot Chicken which we are rolling out across the UK and Europe.”

 

The senior term loan and capital acquisition facility are being provided by investment funds and accounts managed by HPS, while the RCF is being provided by HSBC.

 

Azzurri Group operates restaurant brands Zizzi, Ask Italian, Coco di Mama, Boojum and Dave’s Hot Chicken.