Reports today suggest Prezzo the operator of a 300 strong chain of Italian restaurants is set close up to 100 sites as it looks to enter a Company Voluntary Agreement (CVA).
The move, which will put hundreds of jobs at risk, could see the closure of the Prezzo restaurant on Broughton Retail Park, the company also has an outlet at Cheshire Oaks.
Sky News reports Prezzo, which is backed by TPG Capital, will also close all 33 of its Chimichanga brand Tex Mex restaurants – one of which is on Pepper Street in Chester.
Turnaround specialists AlixPartners has been working the company since the start of this year as it looks to restructure it’s estate.
The group put 27 sites on the market last summer, saying they were not trading in line with expectations, only 11 have sold so far.
Under the terms of a CVA, which is set to be officially announced in the next few days, Prezzo will need the approval of 75% of creditors.
