In its latest annual report Brava Hospitality, which operates the Prezzo Italian brand and which signed a franchise deal late last year to revive the Jamie’s Italian brand in the UK, says the move is a ‘significant opportunity’ with the development agreement allowing up to 40 sites to be opened over an initial 10-year period.
The agreement also includes the exclusive rights to airports and any further concepts launched by Jamie Oliver in the UK.
The 40-site mark is significant as, if hit, it would mean the Italian casual dining chain would have a bigger UK presence than at its prime, when it reached 36 sites alongside Oliver’s other restaurants Barbecoa and Fifteen.
Jamie’s Italian will return to the UK later this year with the opening of a site in London’s Leicester Square.
In the annual report, for the 52 weeks ending 29 December 2024, Brava says it expects operational changes and investments made in 2025 will result in ‘significantly enhance’ profits for Prezzo Italian in 2026.
Last year the casual dining business was rebranded as Prezzo Italian, and kickstarted a rebranding and refurbishment programme. As part of the changes, its holding company was also renamed Brava Hospitality to support future acquisitions and muti-brand development.
As a result of the changes, Prezzo anticipates EBITDA will exceed £3m in 2025, absorbing significant cost inflation within the market.
In its results for the period, the company reports that revenue was down from £110.4m the previous year to £92.6m as a result of a restructure in 2023 where it exited 51 sites.
The business says it focused on improving revenues through marketing and refurbishments, which delivered like-for-like growth, but which had a negative impact on EBITDA, which fell from £2.25m to £0.7m.