The Caterer

Prezzo profits up as it plans another 20 openings

06 April 2011
Prezzo profits up as it plans another 20 openings

Casual dining group Prezzo has seen its adjusted pre-tax profits rise 12% to £14.4m, as it announced plans to open another 20 sites in 2011.

The company's turnover also rose 15% to £104.8m in the 53 weeks to 2 Janaury 2011, in a year that saw Prezzo open 20 new restaurants, thanks in large part to its acquisition of 11 leasehold sites from Caffe Uno Brasseries.

The adjusted tax figures excluded the impact of a £0.4m charge for non-trading items.

Prezzo bought the 11 Caffe Uno sites for £3.1m in August 2010. Since then it has embarked on rebranding them to incorporate them into the estate. By the end of the year it had reopened the first six units (five as Prezzo and one as Chimichanga).

Meanwhile three were closed, with two due to reopen in early 2011. The firm also bought five freehold properties and sold one during the period, taking its freehold properties up to 15.

Prezzo's total estate now stands at 160 restaurants.

And it said the development pipeline for 2011 was "encouraging" following the announcement at the end of March that it was acquiring a further six leasehold sites from Caffe Uno which will also be refurbished.

"We would now anticipate opening at least 20 new restaurants over the course of the year," the company said.

Prezzo reports strong results during a potentially difficult year >>

Prezzo buys 11 Paramount Restaurants sites >>

Prezzo profits up 18% >>

By Neil Gerrard

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