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Private equity firm reported to be eyeing Prezzo takeover

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Private equity firm reported to be eyeing Prezzo takeover

Private equity firm Carlyle Group is reportedly preparing to launch a takeover bid of troubled restaurant chain Prezzo.

The US firm has purchased two thirds of the company’s senior ranking loans in a move that would allow it to block restructuring requests with creditors, The Telegraph reports.

In March Prezzo’s creditors approved a CVA that saw the closure of 94 sites and rent cuts of up to 50%.

The move, approved by 88% of creditors, included the closure of all branches of the group’s Tex-Mex brand Chimichanga with about 1,000 redundancies.

Prezzo was one of several chains to be hit by tough trading conditions affecting the casual dining sector, and the news followed announcements that Jamie’s Italian and burger chain Byron have entered into CVAs.

Prezzo was acquired by TPG in 2014 for £304m from the Kaye family, who founded the business in 2000.

Prezzo’s creditors approve CVA including closure of 94 sites>>

Prezzo confirms CVA bid including closure of 94 sites>>

After a calamitous start to 2018 can casual dining rise again?>>

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