close
Share with your friends

Azzurri Group acquired by TowerBrook Capital Partners

Azzurri Group acquired by TowerBrook Capital Partners

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.

1000

Also on home.kpmg

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.

-ends-

For further information, please contact:

Katy Broomhead, Senior PR Manager

Tel: 0161 264 4623 / 07824 537963

Email: katy.broomhead@kpmg.co.uk

KPMG Press Office: 020 7694 8773

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff.  The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

© 2020 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal