Azzurri Group looks to test bidders’ appetite with auction sale

By James McAllister

- Last updated on GMT

Azzurri Group looks to test bidders’ appetite with auction sale

Related tags Azzurri Casual dining Coco di Mama Multi-site R200 Restaurant sale Private equity

Azzurri Group owner Towerbrook Capital Partners is lining up bankers to launch an auction next year of the Ask, Zizzi and Coco di Mama restaurant chains.

According to Sky News​, Azzurri has begun talks with investment bankers with Rothschild reportedly in the running to be appointed to handle the process.

Towerbrook acquired Azzurri back in 2020 following the first Covid-19 lockdown, when the business went through a pre-pack administration​.

Since the pandemic, the business has recovered strongly​. In its latest accounts for the 2022 financial year, the group reported revenues of £235.9m, an increase of £119m on the year before.

Earlier this year, the group acquired a controlling interest in Ireland-based, fast-casual Mexican chain Boojum​ and plans to expand the brand across Great Britain.

Azzurri operates around 220 sites across the UK. 

Last week, the group revealed that Coco di Mama would its partnership with Roadchef to bring its pasta offering to up to eight motorway service areas across the UK by January 2024.

Coco di Mama has over 200 points of distribution nationwide across multiple channels, including its London-based stores, over 140 delivery kitchens, and its retail partnership with Sainsbury’s.

The partnership with Roadchef will continue the brand’s expansion into the travel sector, alongside its recent opening at Liverpool Street rail station and roadside PFS trials with MFG.

Towerbrook and Azzurri declined to comment on the possible auction.

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