Broughton Prezzo safe from closure as firm reveals list of 94 it plans to shut

News and Info from Deeside, Flintshire, North Wales

This article is old - Published: Saturday, Mar 24th, 2018

Creditors of restaurant chain Prezzo have backed a ‘transformation plan’ which will see nearly 100 outlets close.

The company which is backed by private equity firm TPG Capital, revealed a list of 94 restaurants which will shut under the restructuring plan, up to 500 jobs could be lost.

Prezzo on Broughton Park will not be affected by any closure plans and will continue to successfully trade on the busy retail park.

Prezzo at Cheshire Oaks will also remain as part of the company however 33 Chimichanga sites including Chester will close

Under a restructuring arrangement know as a company voluntary arrangement (CVA) rents will be cut by between 25% and 50% at 57 sites.

Jon Hendry-Pickup, CEO of Prezzo, 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.”

A company spokesperson said:

“The 94 restaurants identified for closure under the CVA are likely to close in April and May – staff will be made aware of the dates as soon as they are confirmed.

Every effort will be made to redeploy those team members affected by the closures.”