Prezzo buys 11 Paramount Restaurants sites
Casual dining chain Prezzo has bought 11 leashold sites from Paramount Restaurants for a total of £3.1m, as well as the Caffe Uno trademark.
Although it is not clear how much Prezzo paid for the trademark and associated intellectual property, the deal allows Paramount a licence to use the rights for one year after assignment.
The properties operate under are a mix of the Caffe Uno, Il Bertorelli and Brasserie Gerard brands are all located in the South East of England and the Home Counties.
Prezzo said they would continue to operate under those brands immediately after completion but would then be refurbished and rebranded under either the Prezzo name, or the newly-acquired Caffe Uno name. Property agent Christe + Co handled the sale of the sites.
Earlier this year, Paramount confirmed that chairman Sir David Michels and chief executive Mark Phillips would step down from the firm after a suspected split in strategy at the business with the banks that back it.
The company also announced it would sell its ‘non-core' brands: Livebait, Il Bertorelli and Caffe Uno in order to concentrate on Chez Gerard and Brasserie Gerard.
Christie + Co was lined up to handle the sale of the three chains, which between them account for around 30 of the group's 70 outlets.
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By Neil Gerrard
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