Carlyle abandons bid to wrest control of Prezzo

The creditor – which it is thought has amassed a 33% blocking stake in the TPG Capital-backed company – was considering using its position to block Prezzo's access to its overdraft facility. Should this have happened, the company would likely have been in breach of its loan agreements and forced into a full-blown restructuring.

Many believe that Carlyle acquired the company's senior debt earlier this year with a view to wresting control in a debt-for-equity swap should the opportunity arise, and potentially acquire other troubled restaurant brands. 

According to the Sunday Times report, TPG has now bought back Carlyle's debt in the company. 

The struggling restaurant chain undertook a company voluntary agreement (CVA) in March this year which resulted in a plan to close 94 of its 300 UK restaurants. Alix Partners was advising on the turnaround strategy. 

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• Topics
• Consumer
• UK / Ireland
• TPG Capital
• Carlyle Group
• UK Funds