Prezzo profits up 18%
Casual dining chain Prezzo has seen its pre-tax profit for the half year to 27 June 2010 rise by 18% to £6m.
The company, which now has 145 restaurants around the country, reported revenue up by 11% to £48.4m, compared with £43.7m in the same period last year.
The figures come shortly after Prezzo announced that it was buying 11 leashold sites from Caffe Uno Brasseries for £3.1m, as well as the Caffe Uno trademark. The company said that in the near term, its attention would be focused on refurbishing and rebranding those properties.
But it has also reactivated its expansion plan, opening seven new restaurants and closing two in the first half of 2010, and opening four and closing two in the second half.
Chairman Michael Carlton said: "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 expension plans. We are delighted with the opportunity to enter some desirable new locations via the Caffe Uno acquisition."
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By Neil Gerrard
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