Prezzo closures put 1500 jobs at risk

Prezzo closures put 1500 jobs at risk

Prezzo closures put 1500 jobs at risk

No confirmation can now be given on the status of the Albert Street branch but Prezzo, owned by private equity firm TPG Capital, is understood to be releasing documents outlining which branches will be affected.

Hundreds of jobs are expected to be lost at Prezzo as the restaurant chain edges closer to a restructuring that will see up to 100 sites close.

A total of 100 of Prezzo's 300 outlets have been earmarked for closure, as well as its Tex-Mex chain Chimichanga.

A CVA has to be agreed by creditors with a combined claim of more than 75% of what the company owes, with the remaining 25% bound by the same terms if the deal goes through.

AlixPartners is the advisory firm understood to be overseeing the CVA.

The news completes a bad day on the high street at big names Toys R Us and Maplin also announced they had gone into administration threatening thousands of jobs.

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Soaring business rates, National Living Wage costs and the Apprenticeship Levy are all thought to have impacted on the businesses.

Prezzo has a restaurant in Howardsgate, Welwyn Garden City.

Jamie Oliver, the celebrity chef, is closing a dozen of his restaurants, also through a CVA, in a move that will involve the loss of about 450 jobs.

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


Prezzo did not comment or deny the plans when contacted by The Lincolnite.

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