Prezzo buys 11 properties from Paramount Restaurants Limited

26th August 2010, 12:14pm

The merger and acquisition market in the foodservice sector is picking up pace and proving this point is restaurant chain Prezzo which has today announced the acquisition of 11 new restaurants.

In a deal worth £3.1 million, the restaurant chain said it has reached agreed terms to buy the 11 sites, together with their business and assets from Caffe Uno Brasseries Limited - owned by Paramount Restaurants Limited.

A statement from Prezzo confirmed the deal: "The transfer of the leases will be subject to landlord's consent and a phased completion process has been agreed."

In addition, Prezzo has agreed to purchase the Caffe Uno trademark, together with all related rights and intellectual property for an additional sum whilst granting Paramount Restaurants Limited a licence back of such rights to continue to use the Caffe Uno trademark for one year after assignment.

Leading property agents, Christie & Co, confirmed today they acted on behalf of Paramount Restaurants Limited throughout the deal.

The properties selected are well-located in a range of city and towns across England, with the majority in the south east of England and the Home Counties.

The restaurants currently operate under the Caffe Uno, Il Bertorelli and Brasserie Gerard brands and will continue to do so immediately after completion.

However, all of the sites will then be subject to a programme of refurbishment and rebranding before opening under one of Prezzo's existing trading formats or the newly acquired Caffe Uno brand.

Prezzo added that its directors expect the acquisition to be earnings enhancing following the completion of the refurbishment and rebranding programme in early 2011.

Related Articles:

• 06 Apr 2011 - Prezzo displays confidence as yearly sales rise 15%

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