PREZZO has confirmed the list of 22 restaurants that will close for good as part of a last-ditch rescue deal.The closures, which were first announced
PREZZO has confirmed the list of 22 restaurants that will close for good as part of a last-ditch rescue deal.
The closures, which were first announced by the Italian food chain last week, are expected to result in the loss of 216 jobs.
You can see the list of restaurants that are shutting permanently in the box below.
The closures come after Prezzo was bought back from administrators by investment firm Cain International as part of a pre-pack deal in December.
The value of the sale was not disclosed but came six years after TPG bought the chain for more than £300million.
Which Prezzo restaurants are closing?
PREZZO is closing the following restaurants for good as part of a rescue deal to save the struggling chain.
- Aberdeen (Marischal Square)
- East Dareham
- Isle of Wight
- Marble Arch
- Mayfair (Hertford Street)
- Milton Keynes (Kingston Centre)
- Saffron Waldon
- South Woodford
Almost 10,000 licensed premises – including pubs, clubs and restaurants – shut permanently last year, according to figures from business advisory firm AlixPartners.
All of the Prezzo’s 178 restaurants are currently closed for dine-in due to the latest national coronavirus lockdown, but customers can still order takeaway food.
The Italian food chain had only been able to operate its restaurants fully for just 25 weeks out of the past 52 weeks due to lockdowns, Cain said.
Prezzo has also struggled with fixed costs and accumulating rent bills.
Cain said the closures protect the vast majority of the restaurant chain’s 2,900 workforce.
Jonathan Goldstein, chief executive of Cain, said: “We firmly believe that strong hospitality businesses, such as Prezzo, have a bright future and will play an essential role in reviving the UK economy.
“However, to do so, we must get through this current crisis of mounting liabilities and no revenues.
“The lack of visibility on when and how the sector will reopen has heightened economic uncertainty to the point where decisive action had to be taken to secure the future of the business and the majority of jobs for Prezzo’s people.
“We are deeply sorry for all those affected by the permanent closure of the 22 non-viable restaurants.”
Working mum on Universal Credit in thousands of pounds in debt due to rules
When does the stamp duty holiday end and will it be extended?
FEEL THE HEAT
All the postcodes that can claim £25 a week help with energy bills revealed
MoneySavingExpert warns 1million people losing £3,000 a year pension credit
NO JAB, NO JOB
Can I be fired if I don’t get the coronavirus vaccine? Your rights explained
Zizzi owner Azzurri Group announced in July 2020 that it would permanently shut 75 branches, putting 1,200 jobs at risk.
Bella Italia and Cafe Rouge have confirmed plans to shut 91 restaurants, with 1,900 jobs to go.