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{{short description|British restaurant chain}}
{{advert|date=November 2011}}
{{EngvarB|date=March 2018}}
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{{Infobox company
{{Use dmy dates|date=March 2018}}
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| name = Prezzo
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{{Infobox company
| logo = [[Image:prezzo.gif|250px]]
⚫
| name = Prezzo Trading Limited
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| type = [[Private company|Private]]
| logo = Prezzo Logo.svg
| foundation = November 2000
| trading_name = Prezzo
| location = Woodford Green, Essex
⚫
| type = [[Privately held company|Private]]
| key_people = Jackson Makini, Chairman<br>Jonathan Kaye, Chief Executive<ref>{{ cite web | url=http://www.hemscott.com/companies/company-summary.do?companyId=4363 | title=Company Summary - Prezzo PLC (LSE:PRZ) }}</ref>
| foundation = {{start date and age|df=yes|2000|11}}
| location_city = [[Woodford Green]], [[Greater London]]
| location_country = [[United Kingdom]]
| key_people = {{ubl|[[Jonathan Goldstein (businessman)|Jonathan Goldstein]] (chairperson)|
Dean Challenger (CEO)}}<ref>{{cite news |last1=McAllister |first1=James |title=Dame Karen Jones to step down as Prezzo executive chair |url=https://www.restaurantonline.co.uk/Article/2022/09/21/Dame-Karen-Jones-to-step-down-as-Prezzo-executive-chair |access-date=17 November 2023 |work=Restaurant |date=21 September 2022 |archive-date=2 September 2024 |archive-url=https://web.archive.org/web/20240902071317/https://www.restaurantonline.co.uk/Article/2022/09/21/Dame-Karen-Jones-to-step-down-as-Prezzo-executive-chair |url-status=live }}</ref>
| industry = [[Restaurant]]
| industry = [[Restaurant]]
| products =
| products =
| revenue = {{increase}} £59.6m GBP (FY 2011) <ref name=FinanceReport>{{cite web|last=Carlton|first=Michael|title=Financial Performance: 2011 Interim Report|url=http://www.prezzorestaurants.co.uk/prezzoplc/pdfs/interim_report_2011.pdf|publisher=Prezzo PLC|accessdate=9 November 2011}}</ref>
| revenue = {{increase}} [[Pound sterling|£]]59.6m GBP (FY 2011) <ref name=FinanceReport>{{cite web|last=Carlton|first=Michael|title=Financial Performance: 2011 Interim Report|url=http://www.prezzorestaurants.co.uk/prezzoplc/pdfs/interim_report_2011.pdf|publisher=Prezzo PLC|access-date=9 November 2011|archive-url=https://web.archive.org/web/20120514121727/http://www.prezzorestaurants.co.uk/prezzoplc/pdfs/interim_report_2011.pdf|archive-date=14 May 2012|url-status=dead}}</ref>
| operating_income =
| operating_income =
| net_income = {{increase}} £7.3m GBP (FY 2011) <ref name=FinanceReport />
| net_income = {{increase}} £7.3m GBP (FY 2011) <ref name=FinanceReport />
| owner =
| num_employees =
| num_employees =
| owner = [[Prezzo (group)|Prezzo PLC]]
| parent = [[Prezzo Holdings]]<br>([[Cain International]])
| parent =
| subsid =
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| homepage = {{URL|http://prezzo.co.uk}}
| subsid =
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| footnotes =
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| homepage = {{url|http://www.prezzorestaurants.co.uk/}}
| caption =
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| footnotes =
}}
}}


'''Prezzo''' ("price" in [[Italian language|Italian]]) is a chain of [[Italian cuisine|Italian]] [[restaurant]]s in the [[United Kingdom]]. The first restaurant opened on [[New Oxford Street]], [[London]] in November 2000. There are now over 200 branches all over Great Britain. It is operated as part of the [[Prezzo (group)|Prezzo]] restaurant group, which also operates the Chimichanga, Cafe Uno, and Ultimate Burger chains in the UK.
'''Prezzo Trading Limited''',<ref>{{Cite web |date=2021-01-21 |title=PREZZO TRADING LIMITED overview - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/13150050 |access-date=2023-08-03 |website=[[Companies House]] |language=en |archive-date=3 August 2023 |archive-url=https://web.archive.org/web/20230803145101/https://find-and-update.company-information.service.gov.uk/company/13150050 |url-status=live }}</ref> [[trading as]] '''Prezzo''' ("price" in [[Italian language|Italian]]), is a [[restaurant]] chain serving mostly [[Italian cuisine|Italian]] cuisine in the United Kingdom and Ireland. The first restaurant opened on [[New Oxford Street]], [[London]] in November 2000. {{As of|2019|1}} there were more than 180 branches across the country, following many closures in 2018. It is part of [[Prezzo Holdings]]. The chain is currently owned by [[Cain International]].<ref>{{cite news |title=Italian restaurant chain Prezzo sold to real estate group Cain |url=https://www.ft.com/content/b4ed7bb2-b26e-4bf4-91fd-bb2cfc125b59 |work=Financial Times |date=2 December 2020 |access-date=20 November 2022 |archive-date=20 November 2022 |archive-url=https://web.archive.org/web/20221120020208/https://www.ft.com/content/b4ed7bb2-b26e-4bf4-91fd-bb2cfc125b59 |url-status=live }}</ref>


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==History==
It competes with several other similar Italian restaurant chains including [[Ask (restaurant)|Ask]], [[Pizza Express]] and [[Strada]].

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== History ==
[[File:Cheam, London Borough of Sutton Prezzo restaurant.JPG|thumb|Prezzo restaurant in [[Cheam]] Village, Greater London]]
[[File:Cheam, London Borough of Sutton Prezzo restaurant.JPG|thumb|Prezzo restaurant in [[Cheam]] Village, Greater London]]
[[File:Prezzo Restaurant - Albert Street - geograph.org.uk - 1619202.jpg|thumb|Prezzo Restaurant in Albert Street, [[Harrogate]]]]
[[File:Prezzo Restaurant - Albert Street - geograph.org.uk - 1619202.jpg|thumb|Prezzo Restaurant in Albert Street, [[Harrogate]]]]
[[File:Prezzo - geograph.org.uk - 999111.jpg|thumb|Prezzo restaurant in [[Lincolnshire]]]]
[[File:Prezzo - geograph.org.uk - 999111.jpg|thumb|Prezzo restaurant in [[Lincolnshire]]]]
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The first Prezzo restaurant was opened in central London by Jonathan Kaye, the company's chief executive, in 2000.<ref name=TESCO>{{cite web|title=Prezzo, Prezzo token in Clubcard|url=http://www.tesco.com/clubcard/deals/product.aspx?R=1804|publisher=Tesco PLC|access-date=9 November 2011}}</ref> {{As of|2019|1}} there were more than 180 branches in the UK. 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;<ref name=PREZZO_STORY>{{cite web|title=Prezzo Restaurants - Our Story|url=http://www.prezzorestaurants.co.uk/our-story|publisher=Prezzo PLC|access-date=9 November 2011|archive-url=https://web.archive.org/web/20111017220408/http://www.prezzorestaurants.co.uk/our-story|archive-date=17 October 2011|url-status=dead}}</ref> examples include an old cinema in [[Beaconsfield]], [[Buckinghamshire]].<ref>{{cite web|title=Restaurant plans for old cinema in Beaconsfield approved|date=7 November 2011|url=http://www.bucksfreepress.co.uk/news/localnews/beaconsfield/9347925.Restaurant_plans_for_old_cinema_approved/|publisher=Bucks Free Press|access-date=9 November 2011|archive-date=2 September 2024|archive-url=https://web.archive.org/web/20240902071327/https://www.bucksfreepress.co.uk/beaconsfield/9347925.Restaurant_plans_for_old_cinema_approved/|url-status=live}}</ref>


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The first owner of the Prezzo business was Jonathan Kaye. In 2008 Jonathan hired cousins Adam Kaye and Samuel Kaye (sons of Philip Kaye) to join Prezzo plc's board of directors.<ref>{{cite web|last=Druce|first=Chris|title=Adam and Sam Kaye join Prezzo board|date=19 December 2008|url=http://www.caterersearch.com/Articles/19/12/2008/325419/Adam-and-Sam-Kaye-join-Prezzo-board.htm|publisher=Caterer and Hotelkeeper|access-date=29 November 2011}}{{Dead link|date=September 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> Adam and Samuel founded [[Ask (restaurant)]] and [[Zizzi]].
⚫
In 2000 the first Prezzo restaurant was opened in Central London by Jonathan Kaye.<ref name=TESCO>{{cite web|title=Prezzo, Prezzo token in Clubcard|url=http://www.tesco.com/clubcard/deals/product.aspx?R=1804|publisher=Tesco PLC|accessdate=9 November 2011}}</ref> There are now around 150 Prezzo restaurants operating within the [[United Kingdom|UK]] including 13 within London. Prezzo commonly converts old buildings of architectural value from their old purposes into Prezzo restaurants;<ref name=PREZZO_STORY>{{cite web|title=Prezzo Restaurants - Our Story|url=http://www.prezzorestaurants.co.uk/our-story|publisher=Prezzo PLC|accessdate=9 November 2011}}</ref> examples include an old cinema.<ref>{{cite web|title=Restaurant plans for old cinema in Beaconsfield approved|url=http://www.bucksfreepress.co.uk/news/localnews/beaconsfield/9347925.Restaurant_plans_for_old_cinema_approved/|publisher=Bucks Free Press}}</ref>


Prezzo donates 25p of the profits raised from sales of their Tropicana Pizza to the children's charity [[Fight for Life (UK charity)|Fight for Life]].<ref>{{Cite web|url=http://www.fightforlife.org/|title=Homepage - Fight For Life|website=Fight For Life|language=en-US|access-date=6 March 2018}}</ref>
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The Chief Executive of Prezzo plc, Jonathan Kaye, is the son of Reginald Kaye and nephew of Philip Kaye. Both these men were in the restaurant industry themselves with the Golden Egg cafe in the 1960s and Italian restaurants Garfunkel's and Deep Pan Pizza, both now sold to [[Restaurant Group]].<ref>{{cite web|last=Watkins|first=Simon|title=Interview: How Jonathan Kaye built Prezzo|url=http://www.thisismoney.co.uk/money/markets/article-1723234/Interview-How-Jonathan-Kaye-built-Prezzo.html|publisher=This is Money|accessdate=29 November 2011}}</ref> In 2008 Jonathan hired cousins Adam Kaye and Samuel Kaye (sons of Philip Kaye) to join Prezzo plc's board of directors.<ref>{{cite web|last=Druce|first=Chris|title=Adam and Sam Kaye join Prezzo board|url=http://www.caterersearch.com/Articles/19/12/2008/325419/Adam-and-Sam-Kaye-join-Prezzo-board.htm|publisher=Caterer and Hotelkeeper|accessdate=29 November 2011}}</ref> Adam and Samuel founded [[Ask (restaurant)]] and [[Zizzi]].


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In 2011 [[Aldo Zilli]] designed four pizzas which were added to the Prezzo menu under the name "V.I.Pizzas".<ref>{{cite web|title=Aldo Zilli creates pizza range for Prezzo|date=11 March 2011|url=http://www.bighospitality.co.uk/People/Aldo-Zilli-creates-pizza-range-for-Prezzo|publisher=BigHospitality.com|access-date=9 November 2011|archive-date=31 August 2017|archive-url=https://web.archive.org/web/20170831140110/http://www.bighospitality.co.uk/People/Aldo-Zilli-creates-pizza-range-for-Prezzo|url-status=dead}}</ref>
Prezzo has links with the children's charity [[Fight for Life (UK charity)|Fight for Life]]; some of the profits raised by selling select dishes from the Prezzo menu are donated to the charity.


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.<ref>{{cite web|url=https://www.thecaterer.com/articles/367139/prezzo-appoints-former-travelodge-boss-as-new-chief-executive|title=Prezzo appoints former Travelodge boss as new chief executive|publisher=The Caterer|date=31 May 2016|access-date=3 March 2018|archive-date=3 March 2018|archive-url=https://web.archive.org/web/20180303164645/https://www.thecaterer.com/articles/367139/prezzo-appoints-former-travelodge-boss-as-new-chief-executive|url-status=live}}</ref>
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In 2011 the award-winning celebrity chef [[Aldo Zilli]] designed four pizzas which were added to the Prezzo menu under the name of "V.I.Pizzas".<ref>{{cite web|title=Aldo Zilli creates pizza range for Prezzo|url=http://www.bighospitality.co.uk/People/Aldo-Zilli-creates-pizza-range-for-Prezzo|publisher=BigHospitality.com|accessdate=9 November 2011}}</ref>


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.<ref name=guardian-20180228>{{cite news |url=https://www.theguardian.com/business/2018/feb/28/prezzo-restaurant-chain-to-close-a-third-of-its-uk-branches |title=Prezzo restaurant chain to close a third of its UK branches |last=Davies |first=Rob |newspaper=The Guardian |date=28 February 2018 |access-date=28 February 2018 |archive-date=2 September 2024 |archive-url=https://web.archive.org/web/20240902071159/https://www.theguardian.com/business/2018/feb/28/prezzo-restaurant-chain-to-close-a-third-of-its-uk-branches |url-status=live }}</ref> On 2 March 2018 they announced that they would close 94 branches, including all 33 outlets of Chimichanga
== Financial History ==
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In February 2006 Prezzo owned 73 restaurants and decided to seriously expand the business by dropping the price per share. This successfully raised £7.125 million through a share placing 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.<ref>{{cite web|last=Druce|first=Chris|title=Prezzo raise more cash to fund expansion|url=http://www.caterersearch.com/Articles/21/02/2006/305327/Prezzo-raise-more-cash-to-fund-expansion.htm|publisher=Caterer and Hotelkeeper|accessdate=1 December 2011}}</ref> At the end of this year Prezzo showed a 45% growth in turnover to £54.2m and pre-tax profit grew from £6.1m the year before to £8.7m.<ref>{{cite web|last=Kühn|first=Kerstin|title=Profits soar at Prezzo|url=http://www.caterersearch.com/Articles/28/01/2008/313057/Profits-soar-at-Prezzo.htm|publisher=Caterer and Hotelkeeper|accessdate=1 December 2011}}</ref> In April 2008 Prezzo saw sales grow again to £70.1m and pre-tax profit rose 25% to £13.6m.<ref>{{cite web|last=Walton|first=Christopher|title=Prezzo restaurant expansion pays off|url=http://www.caterersearch.com/Articles/09/04/2008/320160/Prezzo-restaurant-expansion-pays-off.htm|publisher=Caterer and Hotelkeeper|accessdate=1 December 2011}}</ref>


In 2023, they shut 46 sites.<ref>{{cite web|url=https://www.bbc.co.uk/news/business-43259062|title=Prezzo to close 94 restaurants in rescue bid|publisher=BBC News|date=2 March 2018|access-date=21 July 2018|archive-date=29 September 2018|archive-url=https://web.archive.org/web/20180929122547/https://www.bbc.co.uk/news/business-43259062|url-status=live}}</ref>
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The chain continues to grow steadily, reporting a 17% rise in profits to £7.3million (GBP) in September 2011.<ref>{{cite news|last=Whiterow|first=Philip|title=Pizza chain Prezzo reports jump in profits|url=http://www.independent.co.uk/news/business/news/pizza-chain-prezzo-reports-jump-in-profits-2350609.html?origin=internalSearch|publisher=The Independent Newspaper|accessdate=15 November 2011|location=London|date=7 September 2011}}</ref> The company also continues to expand into new restaurant locations, reportedly aiming for a 10% increase in restaurant numbers in 2012.<ref>{{cite web|last=Negus|first=Richard|title=On Market From Fleurets|url=http://www.fleurets.com/on-market/article.asp?id=180|publisher=Fleurets|accessdate=15 November 2011}}</ref>


== Products ==
==Financial history==
⚫
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.<ref>{{cite web|last=Druce|first=Chris|title=Prezzo raise more cash to fund expansion|date=21 February 2006|url=http://www.caterersearch.com/Articles/21/02/2006/305327/Prezzo-raise-more-cash-to-fund-expansion.htm|publisher=Caterer and Hotelkeeper|access-date=1 December 2011}}{{Dead link|date=September 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> In the year ending December 2006, Prezzo showed a 45% growth in turnover to £54.2m, and pre-tax profit grew from £6.1m in the previous year to £8.7m.<ref>{{cite web |last=Kühn |first=Kerstin |title=Profits soar at Prezzo |url=http://www.caterersearch.com/Articles/28/01/2008/313057/Profits-soar-at-Prezzo.htm |publisher=Caterer and Hotelkeeper |date=12 April 2007 |access-date=1 December 2011 }}{{Dead link|date=September 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> In April 2008 Prezzo saw sales grow again to £70.1m and pre-tax profit rose 25% to £13.6m.<ref>{{cite web |last=Walton |first=Christopher |title=Prezzo restaurant expansion pays off |date=9 April 2008 |url=http://www.caterersearch.com/Articles/09/04/2008/320160/Prezzo-restaurant-expansion-pays-off.htm |publisher=Caterer and Hotelkeeper |access-date=1 December 2011 }}{{Dead link|date=September 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
Prezzo offers a range of Italian inspired dishes including pizzas, pastas, salads and meat dishes.<ref>{{cite web|title=Prezzo Restaurants - Menus|url=http://www.prezzorestaurants.co.uk/menus|publisher=Prezzor PLC|accessdate=15 November 2011}}</ref> Alongside this, the company puts an emphasis on "Light Options" which are lower-[[calorie]], low-fat and served with salad. The menu also caters for [[vegetarians]], offering 13 meat-free dishes.


⚫
The chain continued to grow steadily, reporting a 17% rise in profits to £7.3million (GBP) in September 2011.<ref>{{cite news |last=Whiterow |first=Philip |title=Pizza chain Prezzo reports jump in profits |url=https://www.independent.co.uk/news/business/news/pizza-chain-prezzo-reports-jump-in-profits-2350609.html?origin=internalSearch |work=The Independent |location=London |date=7 September 2011 |access-date=15 November 2011 |archive-date=22 December 2015 |archive-url=https://web.archive.org/web/20151222174248/http://www.independent.co.uk/news/business/news/pizza-chain-prezzo-reports-jump-in-profits-2350609.html?origin=internalSearch |url-status=live }}</ref> In 2011 the company continued to expand into new restaurant locations, reportedly aiming for a 10% increase in restaurant numbers in 2012.<ref>{{cite web |last=Negus |first=Richard |title=On Market From Fleurets |url=http://www.fleurets.com/on-market/article.asp?id=180 |publisher=Fleurets |access-date=15 November 2011 |archive-date=25 April 2012 |archive-url=https://web.archive.org/web/20120425163528/http://www.fleurets.com/on-market/article.asp?id=180 |url-status=dead }}</ref>
== Environmental Record ==
At the start of 2011 Prezzo, along with a number of other restaurants, joined [[Sustainable Restaurant Association]] (SRA). Any business joining the SRA has to make a number of pledges to improve its environmental and sourcing polices. Also it means the business will improve its waste management to be more sustainable.<ref>{{cite web|last=Smoucha|first=Emily|title=More restaurants pledge to tackle sector’s poor environmental performance|url=http://www.greenwisebusiness.co.uk/news/more-restaurants-pledge-to-tackle-sectors-poor-environmental-performance-2080.aspx|publisher=Green Wise|accessdate=1 December 2011}}</ref>


Prezzo announced that it had gone into administration in late 2020, following the lockdowns of that year, and was later bought by Cain International.


In April 2023, the restaurant chain announced that it was to close a third of its locations after being hit by rising costs for ingredients and energy.<ref>{{cite news |title=Prezzo to close a third of its restaurants as bills rise |url=https://www.bbc.com/news/business-65375395 |publisher=BBC News |date=24 April 2023 |access-date=24 April 2023 |language=en-GB |archive-date=24 April 2023 |archive-url=https://web.archive.org/web/20230424113140/https://www.bbc.com/news/business-65375395 |url-status=live }}</ref>
== Awards ==
Prezzo was awarded the 'Best Casual Dining' award at the 2011 MIDAS (Menu Innovation and Development Awards).<ref>{{cite web|title=Prezzo, M&B and Compass Big Winners at Menu Innovation Awards|url=http://www.bighospitality.co.uk/Events-Awards/Prezzo-M-B-and-Compass-big-winners-at-Menu-Innovation-Awards|publisher=Big Hospitality|accessdate=15 November 2011}}</ref> The chain was also awarded the 'Best Italian Restaurant Chain' award by the Pizza and Pasta Association (PAPA) in 2007.<ref>{{cite web|title=PAPA Awards Winners over the Years|url=http://www.papa.org.uk/awards/winners_over_the_years.shtml|publisher=Pizza and Pasta Association|accessdate=8 November 2011}}</ref> The chain was awarded 'Best Pizza Chain' by BBC Olive magazine in 2009.<ref>{{cite web|title=Prezzo named UK's best pizza chain|url=http://www.eatoutmagazine.co.uk/online_article/Prezzo-named-UK_s-best-pizza-chain/8317|publisher=Eat Out Magazine|accessdate=8 November 2011}}</ref>


==See also==
The company's Chief Executive, Jonathan Kaye, was named 'Restaurateur of the Year' in the Caterer and Hotelkeeper Catey Awards 2011.<ref>{{cite web|title=2011 Winners :: 2011 Catey Awards|url=http://www.cateys.com/|publisher=Catey Awards|accessdate=9 November 2011}}</ref>
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* [[List of Italian restaurants]]

Prezzo restaurants are commonly compared to those of similar chain [[Pizza Express]]. In several reviews Prezzo has been given a more favourable rating than its competitor.<ref>{{cite news|last=Bachelor|first=Lisa|title=Store Wars: Pizza Express and Prezzo|url=http://www.guardian.co.uk/money/poll/2011/oct/28/store-wars-pizza-express-prezzo?INTCMP=SRCH|publisher=Guardian Newspaper|accessdate=15 November 2011|location=London|date=28 October 2011}}</ref>


==References==
==References==
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* [http://www.prezzorestaurants.co.uk/ Prezzo Restaurants official website]
* [http://www.prezzorestaurants.co.uk/ Prezzo Restaurants official website]
* [http://www.prezzorestaurants.co.uk/prezzoplc/ Prezzo PLC official website]
* [http://www.prezzorestaurants.co.uk/prezzoplc/ Prezzo PLC official website]
* {{Commons category inline|Prezzo (restaurant)}}


{{UK Food}}
{{UK Food}}
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{{DEFAULTSORT:Prezzo (Restaurant)}}
{{DEFAULTSORT:Prezzo (Restaurant)}}
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[[Category:2000 establishments in England]]
[[Category:Italian restaurants]]
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[[Category:Pizza chains of the United Kingdom]]
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[[Category:Restaurant chains in the United Kingdom]]
[[Category:Restaurants established in 2000]]
[[Category:Restaurants established in 2000]]
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[[Category:Pizza chains of the United Kingdom]]
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[[Category:Restaurant groups in the United Kingdom]]
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[[Category:Italian restaurants]]
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[[Category:2000 establishments in England]]

Latest revision as of 07:19, 2 September 2024

Prezzo Trading Limited
Prezzo
Company typePrivate
IndustryRestaurant
FoundedNovember 2000; 24 years ago (2000-11)
Headquarters
Woodford Green, Greater London
,
United Kingdom
Key people
[1]
RevenueIncrease £59.6m GBP (FY 2011) [2]
Increase £7.3m GBP (FY 2011) [2]
ParentPrezzo Holdings
(Cain International)
Websiteprezzo.co.uk

Prezzo Trading Limited,[3] trading as Prezzo ("price" in Italian), is a restaurant chain serving mostly Italian cuisine in the United Kingdom and Ireland. The first restaurant opened on New Oxford Street, London in November 2000. As of January 2019 there were more than 180 branches across the country, following many closures in 2018. It is part of Prezzo Holdings. The chain is currently owned by Cain International.[4]

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.[5] As of January 2019 there were more than 180 branches in the UK. 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;[6] examples include an old cinema in Beaconsfield, Buckinghamshire.[7]

The first owner of the Prezzo business was Jonathan Kaye. 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 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.[12] On 2 March 2018 they announced that they would close 94 branches, including all 33 outlets of Chimichanga

In 2023, they shut 46 sites.[13]

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.[14] In the year ending December 2006, Prezzo showed a 45% growth in turnover to £54.2m, and pre-tax profit grew from £6.1m in the previous year to £8.7m.[15] In April 2008 Prezzo saw sales grow again to £70.1m and pre-tax profit rose 25% to £13.6m.[16]

The chain continued to grow steadily, reporting a 17% rise in profits to £7.3million (GBP) in September 2011.[17] In 2011 the company continued to expand into new restaurant locations, reportedly aiming for a 10% increase in restaurant numbers in 2012.[18]

Prezzo announced that it had gone into administration in late 2020, following the lockdowns of that year, and was later bought by Cain International.

In April 2023, the restaurant chain announced that it was to close a third of its locations after being hit by rising costs for ingredients and energy.[19]

See also

[edit]

References

[edit]
  1. ^ McAllister, James (21 September 2022). "Dame Karen Jones to step down as Prezzo executive chair". Restaurant. Archived from the original on 2 September 2024. Retrieved 17 November 2023.
  2. ^ a b Carlton, Michael. "Financial Performance: 2011 Interim Report" (PDF). Prezzo PLC. Archived from the original (PDF) on 14 May 2012. Retrieved 9 November 2011.
  3. ^ "PREZZO TRADING LIMITED overview - Find and update company information - GOV.UK". Companies House. 21 January 2021. Archived from the original on 3 August 2023. Retrieved 3 August 2023.
  4. ^ "Italian restaurant chain Prezzo sold to real estate group Cain". Financial Times. 2 December 2020. Archived from the original on 20 November 2022. Retrieved 20 November 2022.
  5. ^ "Prezzo, Prezzo token in Clubcard". Tesco PLC. Retrieved 9 November 2011.
  6. ^ "Prezzo Restaurants - Our Story". Prezzo PLC. Archived from the original on 17 October 2011. Retrieved 9 November 2011.
  7. ^ "Restaurant plans for old cinema in Beaconsfield approved". Bucks Free Press. 7 November 2011. Archived from the original on 2 September 2024. Retrieved 9 November 2011.
  8. ^ Druce, Chris (19 December 2008). "Adam and Sam Kaye join Prezzo board". Caterer and Hotelkeeper. Retrieved 29 November 2011.[permanent dead link‍]
  9. ^ "Homepage - Fight For Life". Fight For Life. Retrieved 6 March 2018.
  10. ^ "Aldo Zilli creates pizza range for Prezzo". BigHospitality.com. 11 March 2011. Archived from the original on 31 August 2017. Retrieved 9 November 2011.
  11. ^ "Prezzo appoints former Travelodge boss as new chief executive". The Caterer. 31 May 2016. Archived from the original on 3 March 2018. Retrieved 3 March 2018.
  12. ^ Davies, Rob (28 February 2018). "Prezzo restaurant chain to close a third of its UK branches". The Guardian. Archived from the original on 2 September 2024. Retrieved 28 February 2018.
  13. ^ "Prezzo to close 94 restaurants in rescue bid". BBC News. 2 March 2018. Archived from the original on 29 September 2018. Retrieved 21 July 2018.
  14. ^ Druce, Chris (21 February 2006). "Prezzo raise more cash to fund expansion". Caterer and Hotelkeeper. Retrieved 1 December 2011.[permanent dead link‍]
  15. ^ Kühn, Kerstin (12 April 2007). "Profits soar at Prezzo". Caterer and Hotelkeeper. Retrieved 1 December 2011.[permanent dead link‍]
  16. ^ Walton, Christopher (9 April 2008). "Prezzo restaurant expansion pays off". Caterer and Hotelkeeper. Retrieved 1 December 2011.[permanent dead link‍]
  17. ^ Whiterow, Philip (7 September 2011). "Pizza chain Prezzo reports jump in profits". The Independent. London. Archived from the original on 22 December 2015. Retrieved 15 November 2011.
  18. ^ Negus, Richard. "On Market From Fleurets". Fleurets. Archived from the original on 25 April 2012. Retrieved 15 November 2011.
  19. ^ "Prezzo to close a third of its restaurants as bills rise". BBC News. 24 April 2023. Archived from the original on 24 April 2023. Retrieved 24 April 2023.
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