Azzurri Group considering sale options

The Azzurri Group is reportedly working alongside advisors in a bid to find a potential buyer for the restaurant giant, according to Sky News. 

The parent group of Ask Italian and Zizzi, which is currently owned by private equity firm Bridgepoint, is now in the process of contacting prospective bidders for the business. 

According to reports, KPMG, who were recently drafted in as advisors to Azzurri, are reportedly inviting offers for part or all of the business.

The process is still at an “early stage”, however, and remains “ only one of the options” currently being considered by Bridgepoint.  

The business was created in 2015 when Bridgepoint bought out the Ask and Zizzi chains for £250m. The group, which also owns Coco Di Mama, employs 6,000 staff and traded from 300 sites prior to the crisis. 

Steve Holmes, who heads up the hospitality group, has reportedly suspended payments to landlords and has furloughed most of the group’s staff. 

Last month, Azzurri became the latest casual dining group to draft in restructuring experts, following news that both Wahaca, Gourmet Burger Kitchen and Byron have also sought emergency advice in light of the pandemic.