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Prezzo to 'reactivate' expansion plans
Italian restaurant operator Prezzo has announced it is looking to 'reactivate' expansion plans after reporting an 11 per cent growth in revenue for the 26 weeks ending 27 June.
Compared with the same six-month period in 2009, pre-tax profit increased by 21 per cent to £6.2m - excluding exceptional items worth £164,000. The group also opened seven new properties during the first half. It follows the recent announcement that Prezzo had agreed a £3.1m deal to acquire 11 sites from Caffe Uno Brasseries. New restaurants are also in line to open in Aberdeen, Glasgow and Milton Keynes.
Prezzo chair Michael Carlton said: "The company began to expand its operations again late in 2009 and during the first half of 2010 we opened seven new restaurants and we purchased the freehold premises at two of these new locations. "We are encouraged by the level of trading that we have seen in recent months and this has given us the confidence to reactivate our wider expansion plans."
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