Zizzi owner Azzurri shrinks losses despite sector challenges
Azzurri, the owner of casual dining restaurants Ask Italian and Zizzi, reported shrinking losses this year despite the challenges facing the sector in the UK.
Azzurri reported a loss before tax of £16.3m in the 12 months to 30 June, compared to a loss of £23.4m last year, and said it remained confident despite “ongoing sector wide challenges”.
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Sales were up seven per cent year-on-year to £299.4m, driven by new openings in the UK, Ireland and China, which took the group’s portfolio to 311 restaurants.
The group, which also owns Coco di Mama and London pizza chain Radio Alice, reported £20m of capital expenditure as it opened 10 new restaurants in the year including it’s first Chinese branch in Shanghai.
It also accelerated the expansion of its Italian cafe chain Coco di Mama through the acquisition of 13 “pod” sites, four of which have been converted so far.
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Azzurri chief executive Steve Holmes said: “Cost pressures in the UK remain an ongoing challenge for the sector, and although Azzurri is not immune, the group has made adjusted Ebitda improvement and continued to trade well through these difficult conditions.
“We remain conscious of the current cost environment and continue to take a thoughtful approach to increased operational efficiencies.”
Main image credit: Getty