Prezzo restaurant chain to close a third of its United Kingdom branches

02 March, 2018, 04:41 | Author: Gladys Mathis
  • Creditors push through plans to close 12 Jamie Oliver restaurants

Prezzo has become the latest restaurant chain to fall victim to the casual dining crunch, as it prepares to close 100 sites.

The Italian high street restaurant chain is planning to close 100 restaurants, Sky News is reporting this morning.

The CVA will be overseen by advisory firm AlixPartner, and is likely to involve negotiations with landlords to try to reduce rents at numerous restaurants that remain.

The Italian-themed chain, owned by private equity firm TPG Capital, is set to launch a company voluntary arrangement within days in an attempt to overhaul its finances.

It is thought the moves will place several hundred roles at risk.

The method was also used by Toys R Us in December, which collapsed into administration this week.

Soaring business rates, National Living Wage costs and the Apprenticeship Levy have also taken their toll.

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Prezzo employs around 4,500 people and has 300 restaurants.

Barbecoa, a smaller business owned by Mr Oliver, appointed administrators last week.

Prezzo has been run by former Travelodge executive Jon Hendry Pickup since 2016.

Around a third of Prezzo restaurants could be set to close as its parent company orders a restructuring, it has been reported.

.

If plans, revealed by an insider at the brand, go ahead it could involve the complete closure of chain Chimichanga, meaning Lincoln's much-loved Brayford Wharf restaurant would shut down.

Prezzo and TPG Capital declined to comment.

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