Creditors approve company voluntary arrangement for Prezzo
Prezzo has announced its creditors have overwhelmingly supported the Company Voluntary Arrangement.
Prezzo CEO Jon Hendry-Pickup said, "I would like to thank our creditors and landlords for supporting our Transformation Plan. Whilst we continue to be profitable, the pressures on our industry have been well documented. Despite this being a tough decision, the support provided by our creditors shows that they believe we have the right approach to transforming Prezzo in the eyes of teams, customers and stakeholders. It has been a challenging time during the CVA process and I would like to thank our suppliers, colleagues and customers for their patience and support."
The 94 restaurants identified for closure under the CVA are likely to close in April and May. The staff will be made aware of the dates as soon as they are confirmed, according to the brand's website. Prezzo said every effort will be made to redeploy those team members affected by the closures.
