Prezzo (restaurant)

Village, Greater London The first Prezzo Italian restaurant was opened in central London by Jonathan Kaye, the company's chief executive, in 2000. there were more than 180 branches in the UK. Prezzo Italian opened its first restaurant in Ireland in February 2016. Prezzo commonly converts old buildings of architectural value from their old purposes into Prezzo Italian restaurants; examples include an old cinema in Beaconsfield, Buckinghamshire. The first owner of the Prezzo Italian business was Jonathan Kaye. In 2008 Jonathan hired cousins Adam Kaye and Samuel Kaye (sons of Philip Kaye) to join Prezzo plc's board of directors. Adam and Samuel founded rival chains ASK Italian and Zizzi. Prezzo Italian donates 25p of the profits raised from sales of their Tropicana Pizza to the children's charity Fight for Life. In 2011 Aldo Zilli designed four pizzas which were added to the Prezzo Italian menu under the name "V.I.Pizzas". Private equity firm TPG took over the Prezzo Italian business in 2015 when Jonathan Kaye moved to a non-executive role. In June 2015, Dirk Eller was appointed interim chief executive. Jon Hendry-Pickup joined Prezzo as chief executive in July 2016. In February 2018, Prezzo Italian confirmed it planned to close 100 of its 300 restaurants and secure a company voluntary arrangement as part of a rescue plan for the chain. On 2 March 2018 they announced that they would close 94 branches, including all 33 outlets of Chimichanga. In April 2023, Prezzo announced the closure of 46 restaurants, approximately one-third of its UK estate, affecting over 800 employees. The company attributed these closures to rising energy and food costs, which made some locations unprofitable, particularly in areas like Surrey, Essex, and London. The closures were part of a broader strategic review to focus on more profitable sites. In 2025, Prezzo unveiled a refreshed menu and brand identity, renaming itself "Prezzo Italian", for the name for the first time in its history. Subsequently, in August and September 2025, the company opened new restaurants in Edinburgh and Rugby, marking its first new openings since 2020. Prezzo plans to refurbish 20 restaurants by the end of the year, with a further 40 scheduled for 2026, featuring a new design aesthetic with softer palettes, upgraded furniture, tableware, and artwork. ==Financial history==

In February 2006, when Prezzo Italian owned 73 restaurants, it initiated a major expansion of the business by dropping the price per share. This successfully raised £7.125 million to fund further expansion. Net cash at the half-year was £9.4 million. During the first six months of 2006 Prezzo Italian opened 12 new restaurants. In the year ending December 2006, Prezzo showed a 45% growth in turnover to £54.2m, and pre-tax profit grew from £6.1m in the previous year to £8.7m. In April 2008 Prezzo Italian saw sales grow again to £70.1m and pre-tax profit rose 25% to £13.6m. The chain continued to grow steadily, reporting a 17% rise in profits to £7.3million (GBP) in September 2011. In 2011 the company continued to expand into new restaurant locations, reportedly aiming for a 10% increase in restaurant numbers in 2012. Prezzo Italian announced that it had gone into administration in late 2020, following the lockdowns of that year, and was later bought by Cain. In April 2023, the restaurant chain announced that it was to close a third of its locations after being hit by rising costs for ingredients and energy. ==See also==