Hospitality investment firm behind popular eateries such as Zizzi, ASK and Coco reported strong revenue growth last year as it looks to build on new brands.
The London-based Azzurri Grup reported total revenue increased by nine per cent to £258m while its earnings increased more than 20 per cent to £14.3m, up to June 2023.
It said Ask Italian and Zizzi were its strongest brands as they continued to increase their market share, while newer outlets such as Coco di Mama had been going through a “transformation.”
The company also heralded the acquisition of Ireland’s top Mexican joint, Boojum, which is set to be launched across the UK. The first site will open in April in Leeds.
Azzurri reported that it will continue to invest, after having increased the figure to £22.2m, an increase of almost £4m. Investments included 23 site revamps, and six new restaurants across its outlets.
It also rolled out an all-in-one order and pay app at Ask and Zizzi’s, and introduced a loyalty programme, which is due to have a membership exceeding half a million in its first year, ahead of expectations.
Azzurri claims it “mitigated the impacts of inflation” as its food and labour margins “returned to pre-covid levels”, giving the platform operating profitability.
During the pandemic, Zizzi’s was forced to close 75 branches, meaning the loss of more than 1,200 jobs.
Zizzi’s was its biggest success story, allowing it to “consistently trade ahead of the market”, as four new restaurants were opened across the UK. It also strengthened its retail frozen meals in major UK supermarkets.
Coco di Mama on the other hand “continued its strategic transformation” from a “London-centric ‘food to go’” firm into a UK-wide food and drinks outlet.
Looking ahead, Azzurri said it would keep “building on our successes”, saying that it hopes its brands “grow faster including across both delivery kitchens and retail as well as driving further efficiencies.”
It is understood this relates to operational efficiencies and not job cuts.
Stephen Holmes chief of the Azzurri Group, said “ 2023 has been a strong year for Azzurri with growth in revenues and VAT-adjusted profits.
“Key to this performance has been our continued investment in our restaurants and stores, the development of sector-leading technology to optimise our offer, the transformation of Coco di Mama into a national delivery brand and a relentless focus on efficiency to protect our value proposition.
“The current year has started well with a particularly strong Christmas. Looking ahead, we remain focused on unlocking further growth opportunities at Zizzi, ASK and Coco and the further development of each of their customer propositions.”
