KPMG is advising Azzuri Group on the sale of casual dining chains, ASK Italian, Coco di Mama and Zizzi. This is the latest in a spree of casual dining chain restaurant sales that has seen brands like Carluccio’s sell at bargain basement prices.
KPMG have been actively contacting potential buyers on behalf of Azzurri Group, owned by the private equity firm Bridgepoint, with a range of acquisition roadmaps on the table. Bridgepoint acquired ASK Italian and Zizzi in 2015 for £250 million.
The casual dining sector has already and will continue to change throughout the ongoing Covid-19 crisis in hospitality. The volume of casual dining outlets will make it possibly the most visible change in hospitality.
Casual dining chains market – As more and more go to market at the same time realising anything close to real value will be a challenge.
Earlier today we asked if landlords may look back at restaurant rent decisions… yet another reason for them to ponder from this latest fire sale.
Azzuri Group employs circa 6,000 people, who will all be hoping that KPMG find a suitor, as do we.
We also hope that landlords might look at what is going on and realise that negiotiating reasonably with their existing tenants may prove more more fruitful than aggresive M&A specialists.
All Restaurant News can be seen here.
casual dining chains market