Town Centre Restaurants seeks fresh investment


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The Independent Online

The company behind Azzurro restaurants has hired advisers at an accountancy firm to explore its strategic options, including potential new investment, to help turn around its performance.

Town Centre Restaurants, which also operates the Café Giardino and Auberge restaurants in the south of England, is working with Zolfo Cooper and is thought to have sounded out possible investors.

Mark Winter, the chief executive of the group which has more than 40 outlets, said it had hired the accountants to "review strategic options which could involve new investment in the business".

Town Centre Restaurants made a £5.98m pre-tax loss for the year to 30 January 2011, on turnover down marginally to £21.47m.