Azzurri Group Holdings, which operates the Zizzi, Ask Italian, Coco di Mama, and Dave’s Hot Chicken restaurant brands, saw operating profits plummet in 2025.
For the 52 weeks to 29 June 2025, the restaurant operator posted a 60% decline in operating profit to £200k, according to the latest accounts filed at Companies House.
The group noted the decline in profit was driven by a fall in revenue, which dipped 1% to £268.9m. Adjusted EBITDA also declined in the period by 3% to £27.7m.
Meanwhile, Azzurri Group returned a net loss of £19.6m, widening from £13.1m in 2024. It said this was driven by net finance costs associated with the debt held by the group. As of 29 June 2025, the group had external debt of £168.2m.
In October, Azzurri Group completed a successful refinancing with a four-and-a-half year facility consisting of a new senior term loan, a new capital acquisition facility and upweighted revolving credit facility.
At the time, Azzurri Group CEO Steve Holmes said the refinancing would support its “ambitious growth strategy, particularly for Dave’s Hot Chicken, which we are rolling out across the UK and Europe”.
However, just last month, sources told Bloomberg that Azzurri Group was exploring the sale of Dave’s Hot Chicken’s UK and European franchise.
Dave’s Hot Chicken has over 300 locations in the US and launched its first UK site in London in December 2024. The same year, Azzurri Group won the master franchise rights for the brand in the UK and Ireland, and the pair unveiled plans to launch 60 locations across the UK.
If a sale were to go ahead, it is understood this could take place later this year.
It comes as competition in the QSR chicken sector has continued to build in recent months, with New Orleans born chicken brand Popeyes having expanded to more than 100 UK restaurants. Rival US chain Raising Cane’s is set to enter the UK market with a flagship site in London’s Piccadilly Circus at the end of this year.
But it’s not just chicken chains looking to compete in the sector. Domino’s expanded its Chick ‘N’ Dip brand to all stores in the UK and Republic of Ireland in February and Pizza Express launched Mac & Wings, a delivery-first mac & cheese and chicken concept last month.
Azzurri Group has been contacted for comment.
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