Prezzo to open new restaurant in London in first site launch for chain since 2018

·1-min read
<p>The chain is owned by private equity firm Cain International </p> (PA)

The chain is owned by private equity firm Cain International

(PA)

Prezzo has revealed it is to open a new restaurant in London - the chain’s first new site launch since 2018.

The chain is to open a 4,319 sq ft restaurant later this summer in Islington Square’s South Arcade, situated just off Upper Street.

Private equity firm Cain International, which purchased Prezzo as a going concern from previous private equity owners TPG in December for an undisclosed sum, said the move demonstrates executives' "confidence in the rebound of the brand and UK high streets as lockdown restrictions ease across the UK".

Prezzo executive chair, Karen Jones, said the new restaurant will be "the greenest Prezzo to date".

She said: "It is truly exciting to be opening a new Prezzo restaurant.

"The location of the restaurant in Cain’s Islington Square development demonstrates the ambition of Prezzo’s partnership with Cain and the confidence both companies share in the resilience of the British High Street.”

Cain International CEO, Jonathan Goldstein, said: "There is an exciting pipeline of opportunities ahead for the team and we look forward to introducing the Prezzo brand to a new market."

It comes after Prezzo’s owners revealed in February that it would axe 22 restaurants and cut 216 jobs after it was rescued out of administration. Cain, which already owns London-based brands including crazy golf chain Swingers, said at the time that the action protected the vast majority of Prezzo’s 2,900 team members’ jobs.

The chain also previously underwent a company voluntary arrangement (CVA) restructure model back in 2018, which saw around 92 sites close around the country.

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