Prezzo to close 92 restaurants across the UK: Is YOUR local branch closing?

Prezzo, the Italian restaurant chain, has announced they will be closing 92 restaurants across the UK.

This is part of a restructuring backed by most creditors which could jeopardise up to 1,800 jobs.

The chain, which is owned by private equity firm TPG Capital, employs about 4,500 people.

Prezzo is closing all of the 33 outlets of its TexMex chain Chimichanga.

A statement on the Prezzo website regarding the CVA reads: “The proposal allows Prezzo to rationalise its estate and to reduce the cost of its leased restaurants. This will allow the company to focus its resources on the core, more profitable restaurants whilst continuing to meet its obligations to suppliers and creditors.

Prezzo will be better placed to implement the changes required to refresh the Prezzo brand and to counter the economic challenges currently affecting the casual dining sector.

This proposed restructuring, under the terms of a company voluntary arrangement (“CVA”), will allow Prezzo to continue operating while it implements plans to improve its food and service and to invest in new restaurant layouts and designs.

Under the CVA process, Prezzo has submitted a restructuring plan to its creditors and will seek their approval of the CVA at a meeting on 23 March 2018. If approved by the creditors, the CVA proposal will substantially reduce Prezzo’s rental obligations and will move the business towards a more robust business model. Where restaurants are closed, we will do everything possible to redeploy staff to other sites.”

Chimichanga Stores Closing

London Ealing

London Finchley

London South Woodford

London Wandsworth

London Wimbledon

Bournemouth

Braintree

Brentwood

Canterbury

Cardiff

Chatham