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Italian restaurant Prezzo set to axe 100 sites according to reports

PUBLISHED: 15:19 28 February 2018 | UPDATED: 15:41 28 February 2018

Prezzo, which also owns Tex-Mex chain Chimichanga, is reportedly considering a restructuring plan which could see it close as many as 100 sites. Picture: Bethany Whymark

Prezzo, which also owns Tex-Mex chain Chimichanga, is reportedly considering a restructuring plan which could see it close as many as 100 sites. Picture: Bethany Whymark

Archant

Italian restaurant chain Prezzo could be the latest business to close sites after reports emerged of a restructuring plan.

The group, which also own Tex-Mex chain Chimichanga, is set to close around 100 of its 300 stores, according to Sky News.

READ: Special Report – Why are restaurants struggling in Norfolk?



Prezzo has eateries in King’s Lynn, Dereham and Norwich in Norfolk as well as Beccles, Ipswich, Woodbridge, Bury St Edmunds, Sudbury, Felixstowe, Newmarket, Stowmarket, Haverhill and Aldeburgh in Suffolk.

Reports say the restructure would also involve the closure of all Chimichangas, including the site in Ipswich, and a reduction in rents at other sites.

Several hundred jobs could be lost as a result of the move with advisory firm AlixPartners overseeing any Company Voluntary Arrangement (CVA). A CVA allows a company to reduce some of its debts with permission of creditors with the aim of keeping the business running.

It is the latest blow to the high street with fellow restaurants Jamie’s Italian and Byron both agreeing CVAs in recent weeks and Toys R Us and Maplin collapsing into administration on Wednesday.

It is a particularly tough time for the food industry with rising food prices, staff costs and business rates taking their toll on the industry.

Both Prezzo and AlixPartners have been approached for comment but have not responded.

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