Prezzo is expected to close a third of its outlets via a company voluntary arrangement
Prezzo would become only the latest casual dining chain to use a CVA to secure its future in response to soaring costs and restaurant oversupply, following in the footsteps of Byron, the posh burger chain, and Jamie's Italian.
This year many restaurant chains have reported difficulties with rising costs of ingredients thanks to the drop in the pound following the Brexit vote, rising labour costs plus high rents and business rates allied to over-capacity in the market as consumers' budgets tighten.
Several hundred jobs are likely to be lost as a result of the restructuring deal, although the exact figure is expected to be far lower than one-third of Prezzo's total workforce of 4,500, an insider said.
Owner TPG Capital is preparing to launch a Company Voluntary Arrangement, according to Sky News.
AlixPartners, the advisory firm, is overseeing the CVA.
The news completes a bad day on the high street at big names Toys R Us and Maplin also announced they had gone into administration threatening thousands of jobs.
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