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02 March 2018, 04:43 | Melanie Burgess
ALAMYPrezzo is to close roughly 100 restaurants according to reports
The Italian restaurant chain Prezzo is to close a third of its 300 United Kingdom branches, putting about 1,000 jobs at risk, the latest victim of the casual dining crunch.
The company, owned by private equity firm TPG Capital, which has a branch in Swindon at Regent Circus, is set to launch a Company Voluntary Arrangement (CVA), which will allow the Italian-themed chain to exit unprofitable branches and secure rent reductions on the remaining estate.
The CVA will be overseen by advisory firm AlixPartner, and is likely to involve negotiations with landlords to try to reduce rents at numerous restaurants that remain.
Although CVAs are an insolvency procedure, they enable companies to stave off administration by gaining approval from landlords to take back loss-making...
A total of 100 of Prezzo's 300 outlets have been earmarked for closure, as well as its Tex-Mex chain Chimichanga.
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While an exact figure over how many jobs lost is yet to be announced, it is thought the move will affect hundreds of workers.
AlixPartners is the advisory firm understood to be overseeing the CVA.
Last summer, Handmade Burger Co collapsed into administration, while companies including The Restaurant Group - which owns Garfunkel's and Frankie & Benny's - have been forced to change their leadership teams in an effort to revive their fortunes.
Prezzo is closing 100 of its restaurants, it was revealed today (Wednesday).
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