Prezzo restaurant closures announced

PUBLISHED: 20:24 03 March 2018 | UPDATED: 20:39 03 March 2018

Prezzo is closing its restaurant in Stevenage High Street. Picture: Google Street View

Prezzo is closing its restaurant in Stevenage High Street. Picture: Google Street View

Archant

Prezzo is set to close about a third of its restaurants, including its Stevenage Old Town outlet, but not its premises in Welwyn Garden City, St Albans, Hatfield, Hitchin, Letchworth or on the Stevenage Retail Park.

The casual dining chain is closing 94 outlets, including 33 of its Tex Mex Chimichanga restaurants, in a bid to save the struggling business.

About 1,000 jobs are expected to be lost.

Prezzo is owned by private equity firm TPG Capital and has entered into a company voluntary arrangement, which is a restructuring arrangement.

It has not gone into administration.

Prezzo is not the first high street restaurant chain to take a financial battering.

Both Jamie’s Italian and burger chain Byron have had to restructure.

Prezzo, which is thought to employ about 4,500 people, will press ahead with trying to renegotiate rents on the premises of its continuing restaurants.

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