If that's true, that will be great news! Piccolino's food is excellent and they have a great reputation around the Manchester/Chester area.
I do hope it's true, but am not sure there would be enough of a demographic around Llandudno for them. They tend to be found in very wealthy suburbs around Manchester (Hale, Didsbury etc.), so moving to a location in Mostyn Street would be new for them I suspect.
But saying that I suppose there is money around the area and with visitors perhaps they think there is enough.
Still if it happens it'll be a serious shot in the arm for that area as their restaurants are beautiful and just the kind of private investment the town needs. Doubtless we'll get a lot of naysayers saying it's too expensive for Llandudno and locals won't be able to afford it etc. ad infinitum. But I think we already have a lot of mediocre 'Italian' restaurants in town, that charge too much, so to have a really decent Italian eatery would be hugely positive.
But who knows, maybe this is jumping the gun anyway.