Cain International has agreed a new lease with restaurant chain Prezzo for 8,432 sq ft of dining and office space at its Islington Square development, N1.
The deal marks Prezzo’s first site launch since 2018. The operator, which Cain bought as a going concern in December last year, will open a 4,319 sq ft restaurant in Islington Square’s South Arcade later this summer.
It will feature a new energy-efficient kitchen plan, which aims to increase the energy efficiency of its cooking by 47% and reduce CO2 emissions by up to 75%.
The chain will also take up 4,113 sq ft at the site for its support centre offices.
Prezzo said the deal shows its “confidence in the rebound of the brand and UK high streets as lockdown restrictions ease across the UK”.
Jonathan Goldstein, chief executive of Cain International, said: “As we emerge from the restrictions of lockdown and enjoy increasing freedom to socialise, we are confident that Prezzo will benefit from the pent-up demand for hospitality-driven experiences.”
Goldstein added that there is a robust “pipeline of opportunities ahead” for the chain.
Karen Jones, executive chair of Prezzo, said: “The new Prezzo Islington will be the greenest Prezzo to date and will serve as a test bed for sustainability initiatives that we can roll out across all our restaurants.
“The location of the restaurant in Cain’s Islington Square development demonstrates the ambition of Prezzo’s partnership with Cain and the confidence both companies share in the resilience of the British high street.”
The news comes after Cain outlined plans to permanently shut 22 Prezzo restaurants earlier this year, as part of its rescue plan. The chain also went through a CVA in 2018, resulting in 94 restaurant closures.
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