The Press and Journal (Inverness, Highlands, and Islands)
Latest figures serve up boost for Azzurri Group
Azzurri Group, the owner of the Zizzi and Ask Italian restaurant chains, reduced its losses and saw rising sales over the past year, despite a turbulent period for the UK dining sector.
The company said it has been boosted by the continued expansion of food-to-go brand Coco
Di Mama in 2019, which was accelerated by the acquisition of rival Pod’s 13 high street sites.
Sales for the group rose 7% year on year to £299.4 million on the back of the new openings, as well as like-for-like growth across each of its four brands, which also includes the Radio Alice pizza chain.
Azzurri, formed by the £250m acquisition of Zizzi and Ask by Bridgepoint in 2015, narrowed its pre-tax losses to £16.3m for the 12 months to June, compared with a £23.4m loss last year.
It said 10 openings and 29 refurbishments helped it remain confident despite “ongoing challenges”.
During the year, rival Jamie’s Italian collapsed with the loss of 100 jobs, while fellow competitor Carluccio’s closed 34 sites as part of a restructuring plan in 2018.
Pizza Express creditors are also in tense talks regarding the future of the business as they look to shore up its debt-laden balance sheet.
Azzurri chief executive Steve Holmes said the company is “not immune” to cost pressures besetting its industry rivals. He said: “We continue to take a thoughtful approach to increased operational efficiencies.”