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Restaurant group Prezzo to go private?

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Restaurant group Prezzo to go private?
Written by:

Restaurant chain Prezzo could return to private ownership after several board members signalled their intention to make a formal bid for the company.

The company, which operates 127 restaurants across the UK under the Prezzo, Chimichanga, Ultimate Burger and Immo brands, has formed an independent committee to consider any bid.

Prezzo is controlled by the Kaye family, who own more than 50% of the company.

Investors include Adam and Sam Kaye, who created restaurant chains Ask and Zizzi’s, which are now part of Pizza Express owned in turn by Gondola Holdings.

Adam and Sam Kaye are the sons of Garfunkel’s founder Phillip Kaye, whose nephew Jonathan Kaye is the chief executive of Prezzo.

Last month Prezzo revealed that its sales during 2007 rose 27% to £70.1m. Pre-tax profit rose 25% to £13.6m.

Prezzo restaurant expansion pays off >>

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By Christopher Walton


 

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