Casual dining chain Prezzo is rumoured to be the latest restaurant brand in danger, as Sky News this week reported it is to close “up to one-third of its 300 outlets across Britain.”
According to the publication, Prezzo, which is owned by private equity firm TPG Capital, is in the process of establishing a Company Voluntary Arrangement (CVA) which will see it close up to 100 Prezzo and all Chimichanga restaurants nationwide.
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The “radical overhaul” will result in “several hundred” job losses, as the group attempts to “secure rent reductions at many of Prezzo’s remaining restaurants” as part of the CVA negotiations (carried out by advisory firm, AlixPartners).
