Prezzo (restaurant)

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Prezzo
Private
Industry Restaurant
Founded November 2000; 17 years ago (2000-11)
Headquarters Woodford Green, Essex, United Kingdom
Key people
Jon Hendry Pickup (CEO)[1]
Revenue Increase £59.6m GBP (FY 2011) [2]
Increase £7.3m GBP (FY 2011) [2]
Parent Prezzo Holdings
(TPG Capital)
Website www.prezzorestaurants.co.uk

Prezzo ("price" in Italian) is a chain of British-owned restaurants serving food inspired by Italian cuisine in the United Kingdom and Ireland. The first restaurant opened on New Oxford Street, London in November 2000. There are now more than 200 branches across the country. It is part of Prezzo Holdings, owned by TPG Capital,[3] which also operates the Chimichanga, Caffe Uno, MEXIco and Cleaver restaurant brands.

It is one of several large Italian-inspired British restaurant chains in the UK, with competitors including Ask, Pizza Express and Strada.

History[edit]

Prezzo restaurant in Cheam Village, Greater London
Prezzo Restaurant in Albert Street, Harrogate
Prezzo restaurant in Lincolnshire

The first Prezzo restaurant was opened in central London by Jonathan Kaye, the company's chief executive, in 2000.[4] There are now[when?] more than 280 branches in the UK which includes 23 restaurants opened under both the Prezzo and Chimichanga brands in 2015. Prezzo opened its first restaurant in Ireland in February 2016. Prezzo commonly converts old buildings of architectural value from their old purposes into Prezzo restaurants;[5] examples include an old cinema in Beaconsfield, Buckinghamshire.[6]

The first owner of the Prezzo business, Jonathan Kaye, is the son of Reginald Kaye and nephew of Philip Kaye, both of whom have a background in the restaurant trade with the Golden Egg café chain in the 1960s and Italian restaurants Garfunkel's and Deep Pan Pizza, both now sold to Restaurant Group.[7] In 2008 Jonathan hired cousins Adam Kaye and Samuel Kaye (sons of Philip Kaye) to join Prezzo plc's board of directors.[8] Adam and Samuel founded Ask (restaurant) and Zizzi.

Prezzo donates 25p of the profits raised from sales of their Tropicana Pizza to the children's charity Fight for Life.[9]

In 2011 the award-winning celebrity chef Aldo Zilli designed four pizzas which were added to the Prezzo menu under the name "V.I.Pizzas".[10]

Private equity firm TPG took over the Prezzo business in 2015 when Jonathan Kaye moved to a non-executive role. In June 2015, Dirk Eller was appointed interim chief executive. Jon Hendry-Pickup joined Prezzo as chief executive in July 2016.[11]

In February 2018, Prezzo confirmed it planned to close 100 of its 300 restaurants and secure a company voluntary arrangement as part of a rescue plan for the chain.[3] As of 2 March 2018, they announced that they would close 94 branches which included all 33 outlets of Chimichanga.[12]

Financial history[edit]

In February 2006, when Prezzo owned 73 restaurants, it initiated a major expansion of the business by dropping the price per share. This successfully raised £7.125 million to fund further expansion. Net cash at the half-year was £9.4 million. During the first six months of 2006 Prezzo opened 12 new restaurants.[13] In the year ending December 2006, Prezzo showed a 45% growth in turnover to £54.2m and pre-tax profit grew from £6.1m the year before to £8.7m.[14] In April 2008 Prezzo saw sales grow again to £70.1m and pre-tax profit rose 25% to £13.6m.[15]

The chain continued to grow steadily, reporting a 17% rise in profits to £7.3million (GBP) in September 2011.[16] The company also continues to expand into new restaurant locations, reportedly aiming for a 10% increase in restaurant numbers in 2012.[17]

Products[edit]

Prezzo offers a range of Italian inspired dishes including pizzas, pastas, salads and meat dishes.[18] Its menu also includes "Light Options" which are lower-calorie, low-fat and served with salad. The menu also caters for vegetarians, offering 13 meat-free dishes.

Environmental record[edit]

At the start of 2011 Prezzo joined the Sustainable Restaurant Association (SRA). Any business joining the SRA must pledge to improve its environmental, waste management and sourcing policies.[19]

References[edit]

  1. ^ "PREZZO HOLDINGS LIMITED - Overview". beta.companieshouse.gov.uk. Retrieved 11 October 2017. 
  2. ^ a b Carlton, Michael. "Financial Performance: 2011 Interim Report" (PDF). Prezzo PLC. Retrieved 9 November 2011. 
  3. ^ a b Davies, Rob (28 February 2018). "Prezzo restaurant chain to close a third of its UK branches". The Guardian. Retrieved 28 February 2018. 
  4. ^ "Prezzo, Prezzo token in Clubcard". Tesco PLC. Retrieved 9 November 2011. 
  5. ^ "Prezzo Restaurants - Our Story". Prezzo PLC. Retrieved 9 November 2011. 
  6. ^ "Restaurant plans for old cinema in Beaconsfield approved". Bucks Free Press. 
  7. ^ Watkins, Simon. "Interview: How Jonathan Kaye built Prezzo". This is Money. Retrieved 29 November 2011. 
  8. ^ Druce, Chris. "Adam and Sam Kaye join Prezzo board". Caterer and Hotelkeeper. Retrieved 29 November 2011. 
  9. ^ "Homepage - Fight For Life". Fight For Life. Retrieved 6 March 2018. 
  10. ^ "Aldo Zilli creates pizza range for Prezzo". BigHospitality.com. Retrieved 9 November 2011. 
  11. ^ "Prezzo appoints former Travelodge boss as new chief executive". The Caterer. 31 May 2016. Retrieved 3 March 2018. 
  12. ^ "Prezzo to close 94 restaurants in rescue bid". BBC News. 2 March 2018. 
  13. ^ Druce, Chris. "Prezzo raise more cash to fund expansion". Caterer and Hotelkeeper. Retrieved 1 December 2011. 
  14. ^ Kühn, Kerstin (12 April 2007). "Profits soar at Prezzo". Caterer and Hotelkeeper. Retrieved 1 December 2011. 
  15. ^ Walton, Christopher. "Prezzo restaurant expansion pays off". Caterer and Hotelkeeper. Retrieved 1 December 2011. 
  16. ^ Whiterow, Philip (7 September 2011). "Pizza chain Prezzo reports jump in profits". London: The Independent Newspaper. Retrieved 15 November 2011. 
  17. ^ Negus, Richard. "On Market From Fleurets". Fleurets. Retrieved 15 November 2011. 
  18. ^ "Prezzo Restaurants - Menus". Prezzor PLC. Retrieved 15 November 2011. 
  19. ^ Smoucha, Emily. "More restaurants pledge to tackle sector's poor environmental performance". Green Wise. Retrieved 1 December 2011. 

External links[edit]