July 17, 2020 / 9:35 PM / 17 days ago

Owner of Zizzi and Ask Italian restaurant chains to close 75 branches

July 17 (Reuters) - Azzurri Group, the owner of Zizzi and Ask Italian restaurant chains, said late on Friday it has been bought by London-based investment management company TowerBrook Capital Partners in a deal that would see closure of 75 of its branches, putting 1,200 jobs at risk amid the ongoing coronavirus outbreak.

Azzurri said that the deal was implemented as a pre-pack administration process, enabling the business to restructure its balance sheet for the which TowerBrook has committed over 70 million pounds ($87.92 million).

The company said in an emailed statement that it had appointed KPMG as an adviser for evaluation of its operational and financial position, which led to its deal with TowerBrook.

The statement added that the company was planning to reopen 40 Ask Italian and Zizzi restaurants next week. ($1 = 0.7962 pounds)

Reporting by Kanishka Singh in Bengaluru; Editing by Sandra Maler

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