Prezzo sold to Swinger’s and AllBright owner Cain International

Prezzo has been bought by private equity firm Cain International for an undisclosed amount.

It was announced on Wednesday that the firm bought the chain as a going concern - meaning a company is trading profitably - from another PE outfit, TPG.  The transaction is expected to complete later this month.

Existing management of the 180-site chain is set to be retained, with Cafe Rouge founder Karen Jones staying on as executive chair. The announcement did not mention any changes to the chain's 3,000 staff.

Cain International, which already owns London-based brands including crazy golf chain Swingers and Anna Jones and Debbie Wosscow's women-only private members' club The AllBright, said its investment will help Prezzo achieve its ambition to become the "UK's favourite Italian" and will "help reinvigorate high streets".

The sale comes six years after TPG bought the chain for more than £300 million. Prezzo underwent a company voluntary arrangement (CVA) restructure model in 2018 which saw around 300 sites close around the country.

Announcing the move, Prezzo said it had "outperformed" over the past year and that the partnership "marks a new chapter".

Jonathan Goldstein, chief executive and co-founder of Cain International, is to join Prezzo’s board of directors.

He said: “We firmly believe that strong hospitality and leisure brands with disciplined leadership will thrive in a post-COVID landscape.