Azzurri Group, operator of the ASK Italian and Zizzi restaurant chains and Coco di Mama food-to-go outlets, has been sold out of administration to TowerBrook Capital Partners in a deal which will see around 225 of the Group’s sites continue to operate.
Will Wright, Chris Pole and Steve Absolom from KPMG’s Restructuring practice were appointed joint administrators to Azzurri Group on 17 July 2020.
Like many other companies across the casual dining sector, the Group has been significantly impacted by the COVID-19 pandemic and resulting lockdown.
Immediately following their appointment, the joint administrators sold the brands and certain assets of the Group to TowerBrook Capital Partners, securing the future of approximately 225 restaurants and shops, and safeguarding the jobs of circa 5,000 employees.
However, approximately 75 sites fall outside the scope of the transaction and will subsequently close. The joint administrators have confirmed these closures have resulted in circa 1,200 redundancies.
Will Wright, partner at KPMG and joint administrator, commented: “Azzurri’s three brands have been popular fixtures on our high streets for many years so we are pleased that, following a competitive sales process, we have been able to conclude this transaction which preserves the majority of the Group’s restaurants and shops.
“Our immediate priority over the days ahead, however, will be to liaise with those employees affected by redundancy to provide them with any support they need.”
The joint administrators were supported on the transaction by a team led by Alex Hartley from KPMG’s M&A practice.
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