Dizz Group CEO Diane Izzo dismissed a report that the recent closure of two restaurants in Kalkara was in any way linked to the redemption of an €8 million bond.

Ms Izzo spoke to WhosWho.mt after TheShiftNews published an article linking Dizz’s recent decision to close down its Rossopomodoro and Marea outlets in Triq Marina with “growing concerns over the group’s financial resilience” and “pressure” to redeem an €8 million unsecured bond it had issued back in 2016.

She reassured the market that her business group has a plan in place to fulfil its bond repayment obligations and that the closure of the two Kalkara restaurants was purely a business decision.

Ms Izzo said it didn’t make business sense to operate two Rossopomodoro outlets in Kalkara, with the two restaurants competing against each other for the same customers.

The decision was taken to focus on the Shoreline Mall outlet, both because its rent was lower and because its aesthetics were more aligned with the Italian chain’s concept.

The Marea restaurant in Kalkara (Photo: Marea)

She said that Dizz maintains constant communication with the Rossopomodoro mother chain, that its outlets at The Point and Mrieħel (along with the Shoreline outlet) remain open, and that it could expand further locally if the right opportunity arises.

With regards to Marea, a ‘mediterrasian’ restaurant which fused Mediterranean and Japanese cuisine, Ms Izzo said that while it was a beautiful venue, it just didn’t work out from a business point of view.

“We paid a premium for Marea, but in business sometimes things work out and sometimes they don’t,” she said.

Ms Izzo said she is a victim of a “secret agenda” and that “reports with lies" harm the families of the 400 or so people she employs.

“Very successful business groups close outlets all the time, but it doesn’t meant that their business is failing,” she said.