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Gloucestershire Business News

Prezzo to close 100 restaurants

The Italian restaurant chain Prezzo plans to close up to a third of its outlets across Britain, putting hundreds of jobs at risk.

Prezzo, which has retaurants in Gloucester, Tewkesbury and two in Cheltenham, is just the latest high street chain struggling to stay afloat.

The company, which is owned by the private equity firm TPG Capital, is preparing to launch a Company Voluntary Arrangement (CVA) in the coming days, as reported by Sky. The CVA process would involve negotiations with landlords to secure rent reductions at many of Prezzo's remaining restaurants.

The closure plan will affect roughly 100 Prezzo-owned outlets and involve the complete closure of its Tex-Mex chain Chimichanga, which has a restaurant at Gloucester Quays.

Several hundred jobs are likely to be lost as a result of the restructuring deal, although the exact figure is expected to be lower than a third of Prezzo's total workforce of 4,500.

Punchline says: "This is a bad retail day for the county and for the UK high street, with the news about Prezzo and Chimichanga coming hot on the heels of the news yesterday that both Toys R Us and Maplin have gone into administration."

It is not yet clear whether any of the Prezzo restaurants in Gloucestershire will be affected by the closures.

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