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Prezzo appoints FRP to see it through the crisis

01 May 2020 by
Prezzo appoints FRP to see it through the crisis

Restaurant group Prezzo has engaged the services of FRP Advisory to see it through the coronavirus crisis.

A spokesperson for Prezzo said: "We entered this entirely unexpected closure after a period of strong trading, which has given us the impetus and momentum to be able to drive through to reopening.

"Given the continuing uncertainty around the reopening of hospitality in the UK, appointing advisers is a sensible, precautionary measure to ensure we have best advice available to us as we respond to this pandemic and look forward to the important period of reopening."

A spokesperson at FRP added: "We are working with the team at Prezzo to look at all actions to support the business through this period and ensure that it is in the best possible position once lockdown restrictions are lifted."

Prezzo more than halved its overall operating losses in 2018, a year that saw it agree a company voluntary arrangement that incorporated the closure of 94 sites and rent cuts of up to 50%.

FRP is also acting as the administrator to Carluccio's.

Italian restaurant chain Prezzo is the latest brand to engage an advisory firm, with the likes of Thai restaurant group Busaba working with KPMG to examine its options for the future and reports that GBK, Azzurri Group and Wahaca have also appointed advisers.

Thai restaurant group Busaba appoints advisors >>

Giraffe owner reported to be in discussions to buy Carluccio's >>

Prezzo halves operating losses following CVA that closed 94 sites >>

Image: Shutterstock

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