Zizzi owner Azzuri Group reports shrinking losses

By Sophie Witts contact

- Last updated on GMT

Zizzi owner Azzuri Group reports shrinking losses

Related tags: Casual dining, Restaurant

Azzuri Group, which operates restaurant brands including Zizzi and ASK Italian, reported shrinking losses over the past year amid ‘challenging’ trading conditions.

The company posted a pre-tax loss of £16.3m in the year to 30 June 2019, compared to a £23.4m loss the previous year.

Total sales rose 7% to £299.4m, while earnings increased from £37m to £38.1m.

This was driven by the opening of 10 new restaurants, including the first Zizzi in Shanghai, China, and refurbishment of 29 sites following a £20m capital investment.

Azzuri Group’s portfolio of 311 UK restaurants also includes the Radio Alice and Coco di Mama brands.

It says all four brands grew like for like sales and increased earnings over the past year, despite dampened consumer confidence.

The company bought 13 sites of the Pod healthy café chain out of administration in June and plans to convert a number to the Coco di Mama brand.

“The growth seen across all four brands means that we have good momentum heading into next year and remain confident that the business is well placed to navigate the challenges facing the sector as well as maximising opportunities which will undoubtedly rise,” says Azzuri Group chairman Harvey Smith.

Related topics: Business

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