Prezzo set to axe 100 restaurants in major restructuring
PUBLISHED: 16:32 28 February 2018 | UPDATED: 16:32 28 February 2018
Casual dining chain Prezzo – which has restaurants in Stevenage, Hitchin and Letchworth – plans to close up to a third of its 300 locations across Britain.
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.
There are Prezzo restaurants in Stevenage Old Town, Stevenage Retail Park, Hitchin’s Bancroft and Eastcheap in Letchworth. The Comet has contacted Prezzo to ask whether any of these locations will be affected, but has yet to receive a response.
Hundreds of positions are at risk at about 100 Prezzo-owned outlets, though an insider told Sky News the number of lost jobs was expected to be far below a third of the full 4,500-person workforce.
Prezzo has been run by former Travelodge executive Jon Hendry Pickup since 2016. The CVA will be overseen by advisory firm AlixPartner, and is likely to involve negotiations with landlords to try to reduce rents at many of the restaurants that remain.
The bleak news comes as a third blow to the high street on a day when both Toys R Us UK and Maplin – each a mainstay of Stevenage retail – into administation.
Other casual dining chains to go through a CVA in recent months include Jamie’s Italian – part of celebrity chef Jamie Oliver’s restaurant business – and Byron Hamburgers.