Updates

Prezzo - Buys 11 restaurants for Â£3.1m

September 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

More consolidation in the sector: Prezzo has bought eleven Caffe Uno restaurants for Â£3.1m cash. The acquisition also includes the Caffe Uno name. The majority of the units are in the South East of England and the Home Counties and will be rebranded to either Prezzo's existing trading formats or the Caffe Uno brand. No profitability was disclosed but one broker notes that it would cost Â£7m to build these units and although some money will be spent on refurbs, it shows that Prezzo is back in growth mode.At the end of FY09 (year end Dec) Prezzo had Â£15.2m net cash on the balance sheet so this barely makes a dent in that. Tipped at 30p in June â€˜09 ; keep on buy list. ...

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