 ASK Central operates restaurants under the ASK and Zizzi brands.
ASK and Zizzi are leading names in the UK casual Italian dining market with about 120 and 90 locations, respectively, across the UK during TDR's ownership. ASK restaurants are situated in prime positions with each restaurant generally having a unique design.
ASK Central was merged with PizzaExpress in 2004 to create a leading casual dining group with 500 restaurants throughout the UK operating under the PizzaExpress, ASK and Zizzi brands and serving more than 30 million customer meals annually.
Transaction
In 2004 TDR led a public-to-private of ASK Central in a transaction valued at €333 million and shortly thereafter it was merged with PizzaExpress to form Gondola Holdings.
In 2005 we floated Gondola Holdings on the London Stock Exchange. We retained a significant shareholding in the listed company until the business was taken private by Cinven in 2007.
Investment Overview
ASK and Zizzi had significant roll-out potential and a profitable operating model, which was improved under our ownership by initiatives such as new menu development, changes in staff incentives and improved performance management.
The merger with PizzaExpress presented complementary consumer offers to ASK and opportunities to consolidate back office operations and achieve supply chain savings.
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