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Prezzo records double-digit growth in 2012

10 | 04 | 13

The Prezzo restaurant group underwent impressive growth in 2012, despite difficult economic conditions.

It posted pre-tax profits of £18.3 million, which is up 11 per cent from 2011. Turnover rose 17 per cent from £123.9 million to £144.5 million.

The company has embarked on an impressive expansion strategy, opening 31 new restaurants, including venues in Manchester, Bristol, Bath and at King's Cross Station in London.

Prezzo chairman Michael Carlton said: "This is the fifth consecutive year that we have entered without a clear conviction that the UK economy can deliver sustained growth on any meaningful scale over the next 12 months."

He claimed the company has "prospered during this period of uncertainty" and will continue to drive the business forward and "strive for excellence in all that we do".

"We are comfortable that our continued strong cash generation, together with a modest short-term borrowing facility and a portfolio of readily saleable freehold properties will provide us with sufficient flexibility to comfortably fund our anticipated expansion plans for the foreseeable future," Mr Carlton commented.

He added that with a strong development pipeline in place and a more settled trading pattern expected over the summer, the company's board is confident of further progress in the year ahead.

The Prezzo Group includes brands such as Italian restaurant chain Prezzo and Chimichanga, which offers Mexican food.

Last year was a successful 12 months for Chimichanga, which opened in a range of locations including Bournemouth, Bromley, Ealing and Bury St Edmunds. By the end of 2012 it was trading from 28 units compared to 15 in 2011.

Prezzo said its property pipeline for 2013 is largely finalised and it expects to open around 25 additional outlets by the end of the year.

The fact that restaurant groups such as Prezzo are continuing to grow despite economic uncertainties is welcome news for catering equipment suppliers, who benefit from the opening of new venues and increased demand for their products.ADNFCR-16001031-ID-801569526-ADNFCR

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