Wed 25th Sep 2024 - James Brown to become new Prezzo CEO James Brown to become new Prezzo CEO: James Brown, who is stepping down as chief executive of BrewDog Bars, is to become the new chief executive of Prezzo, the Cain International-backed Italian dining group. Sky News reported that Brown will take over the leadership of the circa 95-strong Prezzo from Dean Challenger, who will resume his former role as chief financial officer. Brown announced earlier today (Wednesday, 25 September) that he was stepping down from BrewDog, where he has been chief executive of its bars division for the past two years. Brown joined BrewDog at the start of 2015 as its retail director, and became managing director of the group's bar division in September 2020. He worked under fellow G1 Group alumni David McDowall, who left BrewDog at the end of 2022 to become chief executive of Stonegate Group. Brown, who is also founder of cashless tipping platform Tipjar, also previously spent a brief spell as director of operations at Wasabi. Brown has played a key role in BrewDog growing its bar estate to more than 100 sites worldwide. BrewDog said a recruitment process has begun for Brown’s replacement. Challenger was promoted to chief executive of Prezzo in May 2022. He was previously chief operating officer of the company, having joined in 2018. He was initially appointed finance director before becoming chief operating officer. Last month, Prezzo reported that it returned to profitability in 2023, after the completion of its restructuring plans. The business posted pre-tax profit for the year to 31 December 2023 of £5,484,000 against a loss of £31,558,000 the previous year. Revenue stood at £110,375,000 versus £134,696,000 in 2022, after the group’s restructuring saw it close 46 unprofitable sites and significantly reducing central overhead costs in April 2023. Adjusted Ebitda profit for the period was £2.2m (2022: loss of £5.0m). The company said that the restructuring plan contributed a further £4.7m of trading benefit in the year. As a result, the adjusted Ebitda including the restructuring benefit in 2023 was £6.9m (2022: Adjusted Ebitda loss of £4.8m). The company, which now operates 95 sites, said: “With the restaurant estate and central overhead restructure successfully completed during 2023, the underlying supply issues of labour and inflation easing, a new executive team in place and locked-in deflationary benefits in utilities for 2024 and 2025 the future outlook of the business is positive. The business will continue to develop and invest in our menu to ensure we maintain our quality and premium position in the marketplace and the business will commence a programme of investment in the estate over the course of the next three years to ensure our restaurant environment is as premium an experience as our menu. There are a number of strategic opportunities that the business is actively working on to drive sustainable future growth, including for example the introduction of breakfast and a new retail range.” Earlier this year, the company launched a breakfast offer in just under a third of its estate following a successful trial in the brand’s King’s Cross site. The offer, which is generally available from 9am to midday, was rolled out to 25 further sites across the UK. The business intends to invest in a number of refurbishments in 2024 with plans to complete more of these in 2025 and 2026. It is also thought to be close to returning to the expansion trail. Prezzo features in the Premium Club Turnover & Profits Blue Book, which features 978 companies. Prezzo’s turnover of £110,375,000 for the year ending 31 December 2023 is the 101st highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.