Prezzo puts 27 restaurants up for sale

Restaurant group Prezzo is putting at least 27 underperforming or unprofitable sites on the market, which equates to 10% of its estate.

The sale portfolio includes nineteen Prezzo Italian restaurants, and eight Chimichanga Tex-Mex eateries.

The majority of the venues have been valued at between £100k and £150k, according to MCA, the restaurant and pubs industry website.

In a statement reported by The Times, Jon Hendry-Pickup, the company’s chief executive, said, “So that Prezzo is best positioned for further growth, we’re reviewing the potential disposal of a select number of leases where trading is not in line with the rest of the portfolio, while continuing our programme of opening new restaurants and investing in refurbishments.

“We’ve successfully opened 21 restaurants in the past year, with more planned in the coming months, and have launched a new look and feel for our Winchester Prezzo just this week.”