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94 Prezzo restaurants to close as chain wields the axe

PUBLISHED: 17:12 02 March 2018 | UPDATED: 07:04 03 March 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 has confirmed it is to close 94 of its 302 eateries across the country.

The future of the firm’s restaurants in Norwich, King’s Lynn, Dereham and Beccles is still unknown but it has confirmed all of its TexMex chain Chimichanga diners, including one in Ipswich, will close.

READ: Special Report – Why are Norwich’s restaurants struggling?

The chain, which is owned by private equity firm TPG Capital, employs about 4,500 people across the country.

Prezzo has entered a Company Voluntary Arrangement (CVA) which will allow it to cut some of its debts and enable it to continue trading.

It is the latest in a series of blows to the high street with burger chain Byron and Jamie’s Italian both undergoing similar restructuring arrangements this year while retailers Toys R Us and Maplin have entered administration this week.

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