Azzurri Group is set to begin testing buyers’ appetite for a deal next year, according to Sky News.
The ASK Italian and Coco di Mama owner, which is owned by Towerbrook Capital Partners, has begun talks with investment bankers about an auction that would launch sometime next year.
Towerbrook took control of the business during the pandemic in 2020, when the business went through a pre-pack administration.
One source said Rothschild was in the running to be appointed to handle the process.
Azzurri operates around 220 sites across the UK, including Zizzi.
It also recently acquired a controlling interest in Ireland-based chain Boojum earlier this year, with a view of expanding it to the UK.
Last week Azzurri revealed that Coco di Mama would its partnership with Roadchef to bring its pasta offering to up to eight motorway service areas across the UK by January 2024.
Coco di Mama has over 200 points of distribution nationwide across multiple channels, including its London-based stores, over 140 delivery kitchens, and its retail partnership with Sainsbury’s.
The partnership with Roadchef will continue the brand’s expansion into the travel sector, alongside its recent opening at Liverpool Street rail station and roadside PFS trials with MFG.
