Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Azzurri Group, the UK-based hospitality company, has announced that it will permanently close 75 Zizzi and ASK Italian restaurants across the UK, putting 1,200 jobs at risk. Azzurri Group itself has been acquired out of administration by TowerBrook Capital Partners, the investment management firm based in London and New York. The Group's remaining 225 restaurants will reopen, protecting approximately 5,000 jobs.
The chief executive of Azzurri Group said the restructuring was prompted by the loss of revenue during the COVID-19 crisis.
The Azzurri Group specialises in Italian cuisine and owns high-street restaurant chains ASK Italian, Zizzi and Coco de Mama, which can be found on most British high streets. The Group employs approximately 6,000 people in the UK.
Eurofound (2020), Azzurri Group, Merger/Acquisition in United Kingdom, factsheet number 101693, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101693.