LEGAL | Staff Reporter, UK

Prezzo to close 22 restaurants through insolvency process

216 jobs would be lost.

Prezzo will permanently close 22 restaurants after being bought out of pre-pack administration deal.

Cain International, which only bought the Italian chain in December, has bought it back from administrators in a pre-pack deal to secure its future.

216 of its 2,900 jobs would be lost, Cain said.

Earlier this week Sky News reported that Cain, which purchased the restaurant group’s debt and equity in December, was considering putting the firm into an insolvency process.

“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,” Jonathan Goldstein, Chief Executive of Cain International, said.

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