Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Prezzo, the UK-based Italian themed restaurant chain has announced that it will close 22 of its 178 sites across the UK, making 216 jobs redundant. The restructure is part of an administration process that was initiated by the company’s new owners, who acquired the chain in December 2020.
The chief executive of the company that owns Prezzo said the uncertainty about when restaurants can reopen after the COVID-19 restrictions made it necessary to take ‘decisive action’ in order to ensure the future of the company and save jobs.
Prezzo is currently one of the UK's largest high street restaurant chains, with a workforce of approximately 2,900 people. The company underwent a restructure as part of a Company Voluntary Agreement (CVA) with the loss of 500 jobs in 2018.
Eurofound (2021), Prezzo, Closure in United Kingdom, factsheet number 103634, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103634.