Addleshaw Goddard has acted for the Administrators Matthew Callaghan, Andrew Johnson and Ali Khaki of FTI Consulting on a rescue package for the Prezzo restaurant chain that will save 2,550 jobs and 156 sites.
The AG team was led by restructuring partner Anna Hodgson and included Annie Liddiment, Melissa Atkinson, Natalie Bromley, Addi Spiers, Craig Falconer and Tiffany Morgan.
Following the continued effects of a third national lockdown, Matthew Callaghan, Andrew Johnson and Ali Khaki of FTI Consulting were today appointed as administrators of Prezzo Holdings Limited and Prezzo Limited. Immediately following the appointment, the business and operating assets of the companies were sold to Prezzo Trading Limited, a company which is ultimately owned by Cain International. The deal means 156 restaurants can continue to trade, and the vast majority of employees have transferred to the new company.
The Prezzo chain, founded in 2000, had made good progress on a turnaround plan since entering a Company Voluntary Agreement in 2018. However, like the rest of the hospitality industry, the disruption caused by the COVID-19 pandemic has continued to prove challenging.
Anna Hodgson said: "We are pleased to have been able to offer our support and work with the FTI Team to help secure the future of Prezzo".