Prezzo set to close 100 restaurants in major restructuring

PUBLISHED: 09:22 01 March 2018 | UPDATED: 09:22 01 March 2018

Prezzo has a restaurant in Howardsgate, Welwyn Garden City.
Picture: Google Street View

Prezzo has a restaurant in Howardsgate, Welwyn Garden City. Picture: Google Street View

Archant

Casual dining chain Prezzo – which has restaurants in Welwyn Garden City and Hatfield – plans to close up to a third of its 300 locations across Britain.

The Italian-themed chain, owned by private equity firm TPG Capital, is set to launch a company voluntary arrangement within days in an attempt to overhaul its finances.

There are Prezzo restaurants in Howardsgate in Welwyn Garden City and in the Galleria in Hatfield.

The Welwyn Hatfield Times has contacted Prezzo to ask whether these locations will be affected, but has yet to receive a response.

Hundreds of positions are at risk at about 100 Prezzo-owned outlets, though an insider told Sky News the number of lost jobs was expected to be far below a third of the full 4,500-person workforce.

Prezzo has been run by former Travelodge executive Jon Hendry Pickup since 2016.

The CVA will be overseen by advisory firm AlixPartner, and is likely to involve negotiations with landlords to try to reduce rents at many of the restaurants that remain.

The bleak news comes as a third blow to the high street on a day when both Toys R Us UK and Maplin went into administation.

Other casual dining chains to go through a CVA in recent months include Jamie’s Italian – part of celebrity chef Jamie Oliver’s restaurant business – and Byron Hamburgers.

More news stories

Yesterday, 14:16

A man who was fatally stabbed in a block of flats in Welwyn Garden City was “in the wrong place at the wrong time”, a court has heard today.

Yesterday, 16:32

This year’s St Albans pantomime Cinderella opened last week. Matt Adams reviews The Alban Arena show.

Yesterday, 16:00

The University of Hertfordshire has made one of the UK’s ‘best breakthroughs’ ... by dousing people in a chemical warfare agent simulant.

Yesterday, 15:48

A judge has ruled that there is ‘no case to answer’ after former Tesco executives were accused of leading the Welwyn Garden City-based company to overstate its profits by £250million.

Newsletter Sign Up

Welwyn Hatfield Times weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy

Most read stories

Hot Jobs

Show Job Lists

Herts Most Wanted Herts Business Awards