The founder and chief executive of Prezzo (LON:PRZ) has sold just under £1.5mln worth of shares in the Italian restaurant chain as he cashed in on the success of the shares in 2013.
Jonathan Kaye, who opened the first Prezzo restaurant in 2000, has dumped 1.3mln shares at 115 pence each – 5.5 pence below yesterday’s closing price.
Adam and Sam Kaye, who are both directors on the board, joined cousin Jonathan by selling a chunk of their own stakes at the same price.
The pair, who founded rival Italian chains Ask and Zizzi, have also sold £1.5mln of shares each.
Jonathan now holds 8.5% of Prezzo’s shares, while his cousins own around 3% each.
The company unveiled a 17% rise in half-year revenues to £80mln at the start of September, with pre-tax profits up from £7.5mln in 2012 to £8.2mln.
Prezzo shares have risen 77% in 2013, bringing its market valuation up to £275mln.
It is a real family business; Jonathan’s father Reginald and Philip, father of Adam and Sam, founded Italian chain Garfunkel’s and Deep Pan Pizza, which were both eventually sold to Restaurant Group (LON:RTN).
Prezzo shares fell 3.5% to 116p after the share sales.