Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Azzurri Group has reportedly drafted in KPMG as advisors to help the hospitality giant navigate the ongoing coronavirus crisis.
According to The Sunday Times, the owner of Zizzi and Ask Italian has become the latest casual dining chain to draft in restructuring experts, following news that both Wahaca, Gourmet Burger Kitchen and Byron have also sought emergency advice in light of the pandemic.
Azzurri Group currently employs 6,000 employees and operates from more than 300 Zizzi, Ask Italian and Coco Di Mama sites across the UK.
Steve Holmes, who heads up the hospitality group, has reportedly suspended payments to landlords and has furloughed most of the group’s staff.
However, according to reports, the group “has yet to discover” whether it is eligible for a business interruption loan, however.
KPMG was reportedly hired after a group of Azzurri’s lenders drafted in advisers from FTI. The consulting group initially advised the syndicate of banks who have loaned money to the Azzurri Group.
Holmes, who is lobbying ministers to extend the job retention scheme, said that KPMG would help the business make the “right decisions at the right time”.
According to The Sunday Times, it is as yet unknown whether permanent closures within the group are set to be made.
