The Caterer

Pizza and pasta restaurant chain Prezzo to open 100th store

21 April 2006
Pizza and pasta restaurant chain Prezzo to open 100th store

Pizza and pasta restaurant group Prezzo plans to open its 100th site this year.

Prezzo currently has 72 restaurants and the move continues a rapid growth plan that began with its first opening in London in November 2000.

Despite this, chief executive Jonathan Kaye said there would be no new brands.

"There is still plenty of scope within our Chimichanga and Ultimate Burger brands for growth and we will expand them cautiously," said Kaye.

Prezzo's profits have soared in its third year since flotation, propelling it into the top 50 companies on the Alternative Investment Market.

On the back of a 67% growth in turnover to £37.4m for the year ending 1 January 2006, pre-tax profit grew from £4.1m to £6.4m (a 56% jump).

Simon French, analyst at Numis Securities, said: "These strong set of results highlight the underlying health of the eating out market."

In addition to 57 Italian Prezzo restaurants, the group runs seven Mexican-themed Chimichanga sites, two Jonathan's (pizza and pasta), four Ultimate Burger outlets and two iMMO cafés.

Prezzo gets extra funding >>

By Tom Bill

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