Prezzo

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Hotel / Restaurants
Accommodation And Food Service Activities
Food And Beverage Service Activities
56.1 - Restaurants and mobile food service activities
500 jobs
Number of planned job losses
Job loss
Announcement Date
23 March 2018
Employment effect (start)
1 April 2018
Foreseen end date
31 May 2018

Description

Restaurant chain Prezzo has announced plans to close around one third of its UK outlets which is expected to result in the loss of 500 jobs. The restructure has been agreed through a Company Voluntary Agreement (CVA) whereby creditors allow the insolvent business to keep trading. The deal means that 94 of around 300 sites in the UK will close, with the closures expected to take place during April and May 2018. The deal will also see rent reductions for 57 sites for the coming two years.

Sources

  • 23 March 2018: The Guardian
  • 23 March 2018: The Telegraph

Citation

Eurofound (2018), Prezzo, Internal restructuring in United Kingdom, factsheet number 93906, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93906.