Prezzo to close 100 restaurants

Sky News has reported today that Prezzo, the Italian restaurant chain, plans to close up approximately one-third of its 300 outlets across Britain.

The restaurant chain, which is owned by the private equity firm TPG Capital since 2014, has been reported to launch a Company Voluntary Arrangement (CVA) in the next days in order to discuss about the restructuring of the business.

According to Sky News, this closure might affect around 100 Prezzo outlets and possibly also the complete closure of the Chimichanga chain of restaurants. As a result of this closure and of the restructuring deal, several hundred jobs are at risk.

Unfortunately, Prezzo is just the latest in a string of businesses which encountered financial difficulties in the last year, such as Byron, Jamie’s Italian and Handmade Burger Co.