FOOD SERVICES | Staff Reporter, UK

Prezzo in talks with lenders as loans drop

Prezzo has appointed a specialist turnaround firm ahead of a potential financial restructuring, according to The Times.

City sources said American private equity firm TPG has asked consultants at Alix Partners to work with Prezzo on its “options” — which could include closures.

British restaurant chain Prezzo is said to be in talks with its lenders after the price of its leveraged loans dropped in Europe’s secondary loan market, as the UK casual dining sector comes under pressure.

Prezzo’s term loan was quoted at around 80% of face value on January 25, according to Thomson Reuters LPC data.

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