Thu, 07 Apr 2011 | BUSINESS NEWS
High street restaurant chain, Prezzo, has seen its taste for mergers and acquisitions help it achieve pre-tax profits in 2010 that were 40 per cent up on the figures for 2009.
Among the company's purchases last year was the £3.1 million cash deal that secured it 11 Caffe Uno sites, which contributed to 20 new branch openings in 2010 - compared to just two in 2009. The purchase brought the number of sites owned by the company nationwide to 160, giving it total sales of £104.8 million.
The majority of the stores operate under the Prezzo pizza-and-pasta brand, but the company also runs 11 Chimichangas Mexican-themed restaurants, and kept a few of its new purchases as Caffe Unos.
The company's chairman, Michael Carlton, said, "We are extremely pleased with the sales uplifts in early trading [following the conversions]."
The company expects to open a similar number of new restaurants this year, and has already started making preparations through the purchase of six more Caffe Unos from the brand's owner, Paramount. Prezzo has worked property deals to its advantage during the recession to raise its brand recognition, setting up in city centres, while many of its close rival have focused on out-of-town developments and leisure parks.
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