News > Venues

Prezzo to acquire 11 Paramount sites in £3m deal

By Martyn Leek , 26-Aug-2010

Related topics: Venues, Restaurants

Prezzo, the Italian restaurant chain, has agreed a £3.1m deal to acquire 11 sites from owners of the Chez Gerard brand, Paramount Restaurants, along with the rights to the Caffe Uno brand

Prezzo is set to operate 11 former Paramount sites located predominantly in South East England

Prezzo is set to operate 11 former Paramount sites located predominantly in South East England

Prezzo, the Italian restaurant chain, has agreed a £3.1m deal to acquire 11 sites from owners of the Chez Gerard brand, Paramount Restaurants, along with the rights to the Caffe Uno brand.

 

The operator, which is led by chief executive Jonathan Kaye, has acquired three Caffe Uno sites, two Il Bertorli and six Brasserie Gerard restaurants.

 

The move comes after it was recently revealed that Tom Aikens, the high-end chef, is also in exclusive negotiations to acquire six sites from Paramount.

 

Big Hospitality also understands that Tasty, the operator behind Dim T and Wildwood, is in discussions over two sites.

Refurbishment

 

Prezzo said the outlets will continue to operate under their existing brands until they are refurbished under Prezzo’s other trading formats, which include the Mexican concept Chimichanga, or under the newly acquired Caffe Uno brand.

 

In a statement, Prezzo said: “The directors expect the acquisition to be earnings enhancing following the completion of the refurbishment and rebranding programme in early 2011.”

 

The properties selected are located in a range of cities and towns across England, with the majority in the South East and the Home Counties. However the transfer of the leases is subject to landlord’s consent.

 

As part of the deal the company has allowed Paramount Restaurants to continue to use the Caffe Uno trademark for one year.

 

Earlier this year, Prezzo announced plans to open 10 new restaurants in 2010, citing smaller towns as its new targets for expansion.

 

Jonathan Kaye, the chain's Chief Executive, told Big Hospitality that Prezzo aims to triple its 146 sites.

Martyn Leek is news editor of Big Hospitality's sister publication M&C Report

BigHighlights

National Restaurateurs’ Dinner 2014: in pictures

National Restaurateurs’ Dinner 2014: in pictures

The 27th National Restaurateurs’ Dinner (NRD) took place at the Dorchester on Tuesday, helping raise over £80,000 for...

Travellers’ Choice: Top 10 UK tourism hotspots

Travellers’ Choice: Top 10 UK tourism hotspots

London is the third-best travel destination in the world, according to TripAdvisor’s sixth annual Travellers’ Choice awards...

#AskMark: Our inspiring Twitter Q&A with Mark Sargeant reviewed

#AskMark: Our inspiring Twitter Q&A with Mark Sargeant reviewed

Whether it was his advice for young chefs, his memories of working with Gordon Ramsay or his...

Business Profile: Ping Pong

Business Profile: Ping Pong

Ping Pong’s change-of-location strategy and design brief move it a step closer to bringing dim sum to...

Development Chef Awards 2014: In Pictures

Development Chef Awards 2014: In Pictures

The Farm Frites Development Chef Awards 2014 took place in London yesterday, recognising and rewarding the best menus, dishes...

Find us on Facebook

Digital Edition - Restaurant Magazine

Access to the Restaurant Magazine digital edition