Prezzo to close 92 restaurants across the UK: Is YOUR local branch closing?
PREZZO restaurants have announced they will be closing 92 restaurants across the UK - is your local branch shutting down?
Prezzo: The restaurant chain is shutting 92 branches across the UK
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.
Jon Hendry-Pickup, CEO of Prezzo, said: “I would like to thank our creditors and landlords for supporting our Transformation Plan.
"While we continue to be profitable, the pressures on our industry have been well documented.
"Despite this being a tough decision, the support given today by our creditors shows that they believe we have the right approach to transforming Prezzo in the eyes of teams, customers and stakeholders.
"It has been a challenging time during the CVA process and I would like to thank our suppliers, colleagues and customers for their patience and support.”
Prezzo: Full list of both Prezzo and Chimichanga restaurant closures
Prezzo closing: All 33 Chimichanga restaurants in the UK will close
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."
Prezzo: The Italian restaurant chain announced they will be closing stores today
Chimichanga Stores Closing
London Ealing
London Finchley
London South Woodford
London Wandsworth
London Wimbledon
Bournemouth
Braintree
Brentwood
Canterbury
Cardiff
Chatham
Chester
Crawley
Eastleigh
Farnham
Glasgow Silverburn
Gloucester Quays
Hereford
Hornchurch
Ipswich
Kettering
Leicester
Lincoln
Milton Keynes Stadium
Milton Keynes Xscape
New Brighton
Peterborough
Port Solent
Solihull
Telford
Watford