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Prezzo To Close 100 of its Restaurants

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Italian restaurant chain Prezzo is preparing to close around 100 of its 300 stores in an attempt to rescue the business.

The chain - which is owned by private equity firm TPG Capital - employs around 4,500 people. 

Prezzo is also expected to completely close its TexMex chain Chimichanga, which has 33 restaurants in the UK.

The closures would form part of a deal to renegotiate debts owed by the company to its landlords.

Specialist restructuring firm AlixPartners is understood to be drafting a company voluntary arrangement (CVA) - a step short of going into administration - on the company's behalf.

The CVA would allow Prezzo to continue trading without being pursued for the money it owes.

We are not sure at this time if the Prezzo restaurant in the Old Market Hereford is listed to close although we understand that Chimichanga  will be closing.

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