Prezzo to close 100 restaurants - HUNDREDS of jobs at risk
02 March, 2018, 04:41 | Author: Franklin Nunez
Italian restaurant chain Prezzo could close around 100 restaurants, putting hundreds of jobs at risk as the company looks set to become the latest victim of brutal trading conditions.
The chain, owned by the United States private equity group TPG Capital, hopes to engineer a turnaround plan echoing steps taken by the burger chain Byron and Jamie's Italian to keep themselves afloat.
Lincoln's Tex-Mex Chimichanga restaurant is under threat of closure according to reports from Sky News.
While an exact figure over how many jobs lost is yet to be announced, it is thought the move will affect hundreds of workers.
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Soaring business rates, National Living Wage costs and the Apprenticeship Levy have also taken their toll.
It it yet to be confirmed which Prezzo restaurants will be affected by the closures.
Last summer, Handmade Burger Co collapsed into administration, while companies including The Restaurant Group - which owns Garfunkel's and Frankie & Benny's - have been forced to change their leadership teams in an effort to revive their fortunes.
Prezzo has been run by former Travelodge executive Jon Hendry Pickup since 2016.
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Prezzo is closing 100 of its restaurants, it was revealed today (Wednesday).
TPG also owns a big stake in Poundworld, the struggling discount retailer, where it has been weighing a plan to inject up to £40m of new capital into the business.
Prezzo did not comment or deny the plans when contacted by The Lincolnite.
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