Hospitality platform Azzurri Group has completed a successful refinancing with a new four-and-a-half year facility consisting of a new senior term loan, a new capital acquisition facility and upweighted revolving credit facility.
The group, which invests in businesses including Ask Italian, Zizzi, Coco di Mama and Dave’s Hot Chicken, said the new facilities will deliver “enhanced financial flexibility”.
The new senior term loan and capital acquisition facility are provided by investment funds and accounts managed by HPS, and the RCF by HSBC Bank.
According to Azzurri Group CEO Steve Holmes, the refinancing will also support the platform’s “ambitious growth strategy, particularly for Dave’s Hot Chicken which we are rolling out across the UK and Europe”.
Earlier this month, the US fried chicken chain signed an exclusive agreement with Azzurri to roll out a minimum of 180 restaurants across Europe.
It will see Azzurri developing restaurants across 10 European countries, including Portugal, Spain and Germany, with the pair leveraging a joint venture partnership model to team up with experienced local operators in each market.
Dave’s Hot Chicken’s made its UK debut in late 2024 when it opened a flagship location on Shaftesbury Avenue in London’s West End. It has recently launched new stores in Birmingham New Street and Printworks Manchester.
The group is preparing to further scale the concept, with openings planned shortly in Stevenage and Westfield White City. In total, Azzurri plans to launch at least 60 locations in the UK.
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