Zizzi and Ask Italian owner to shut 75 restaurants putting 1,200 jobs at risk
Up to 1,200 jobs are at stake after the owner of Zizzi and Ask Italian said it would close 75 restaurants amid the economic fallout of coronavirus.
Azzurri Group, which also owns the Coco di Mama pasta chain, has been sold out of administration to investment firm TowerBrook Capital Partners.
The deal which will see around 225 restaurants and shops continue to operate, protecting about 5,000 jobs, but around 75 sites could not be saved, although it is unclear which restaurants will be affected.
Azzurri Group chief executive Steve Holmes said: ‘The Covid-19 crisis has had a profound impact on the casual dining sector, bringing many businesses like ours to a standstill.
Visit our live blog for the latest updates: Coronavirus news live
‘Despite being a successful operator, the immediate loss of revenue during lockdown meant that we have had to make some incredibly difficult decisions to protect the business for the long-term.
‘It is with deep sadness that this process will result in the permanent closure of a number of sites and that we must say goodbye to greatly valued employees across our brands.
‘Looking forwards, TowerBrook is a strong new partner who shares our ambitions for the future.
‘Their additional investment has enabled us to preserve the majority of our restaurants, stores and jobs and I am confident that, under TowerBrook’s ownership, Azzurri will navigate the period ahead successfully.’
TowerBrook will invest around £70 million to support Azzurri Group and plans to reopen 40 pizza restaurants next week, followed by its Coco di Mama chain and more Ask and Zizzi sites later in the summer. Pod will switch to delivery only.
Despite the Government’s efforts to ease the lockdown and get people spending money again, many restaurants are struggling to recover from the fall in sales during the pandemic.
Frankie and Benny’s owner The Restaurant Group put up to 3,000 jobs on the line after announcing it was going to close 125 sites, and Bella Italia and Cafe Rouge owner Casual Dining Group said it would close 91 restaurants after calling in administrators.
Pizza Express is reportedly planning to axe around 75 sites across the UK.
Get in touch with our news team by emailing us at webnews@metro.co.uk.
For more stories like this, check our news page.