Prezzo restaurant group to shutter 94 outlets
Its creditors have backed a restructuring plan that will see it close about a third of the chain.
It is estimated the move could lead to 500 job losses. The chain, which is owned by private equity firm TPG Capital, employs about 4,500 people. The 94 closures include restaurants under the Prezzo, Mexico and Cleaver brands and all 33 Chimichanga sites .
Under the rescue plan, rents will be cut by between 25% and 50% at 57 sites. The closures and rent reductions aim to repair the group's financial position and allow it to continue trading.
The deal was struck under a restructuring arrangement know as a company voluntary arrangement (CVA) - a step short of going into administration.
The list of Prezzo-branded restaurant closures include Abergavenny, Alton, Amersham, Arundel, Barnet, Barnstaple, Belfast, Belfast - Boucher Road, Beverley, Blackpool, Blandford, Braintree, Brentwood, Carlisle, Carmarthen, Catterick, Chelmsford, Cramlington, Dalton Park, Darlington Deansgate, Manchester, Edinburgh, Falmouth, Farnham, Formby, Fort Shopping Park, Glasgow, Gloucester, Guildford, Halstead, Haywards Heath, Hereford, Kingston, Leicester, Lewes, Midhurst, Newcastle, Newquay, Northwood, Norwich, Nottingham, Penarth, Poulton, Ripon, Sheffield, Southampton, St Annes on Sea, St Austell, Stamford, Stevenage, Stratford Upon Avon, Sudbury, Taunton, Tewkesbury, Wandsworth, Warrington, West Bromwich, Wokingham, Woodley, Yate, and Yeovil sites.
