Апреля 24, 2018

Prezzo to close 100 restaurants

02 Марта 2018, 04:41 | Gordon Grant

Prezzo is expected to close a third of its outlets via a company voluntary arrangement

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.

Читайте также: WADA investigate reasons for Russian bobsledder Sergeeva positive doping test

Last summer Prezzo put 27 restaurants up for sale, including eight Chimichanga sites, following poor trading.

More job losses look set to follow.

Prezzo has been run by Jon Hendry Pickup, a former Travelodge executive, since 2016.

Barbecoa, a smaller chain also owned by Jamie Oliver, went into administration earlier this month.

Prezzo did not comment or deny the plans when contacted by The Lincolnite.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2018 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Other News

Trending Now

Kashmir dispute root cause of Pak-India tension: Er Rasheed
India regularly accuses Pakistan of aiding fighters in crossing the LoC to attack Indian positions. However, the guns along the LoC in the Uri sector have fallen silent since on Thursday.

Sean Miller Caught On FBI Wire Taps Discussing Paying Recruit
I continue to fully support the University's efforts to fully investigate this matter and am confident that I will be vincicated. Richardson and Miller had a longtime association, having worked together for 10 seasons at Arizona and, previously, Xavier .

Ex-Dolphin Jonathan Martin detained by police over social media post
Another potential school shooting was prevented after Los Angeles police took proper action in response to an online threat. He did not play in 2014 and resumed his career in 2015 with the Buffalo Bills, where he has played the past three seasons.

Church of Holy Sepulchre Reopens after Three-Day Protest
The church, where Jesus is believed to have been crucified, buried and resurrected, is one of Christianity's holiest sites. Christain leaders shut the doors of the church Sunday in protest to new Israeli tax policy and a proposed property law.

Montenegro police: U.S. embassy bomb not terrorism
A man threw a bomb into the embassy compound and then killed himself around midnight Wednesday. Montenegro became the 29th country to join North Atlantic Treaty Organisation past year .

USGS: M7.5 quake hits Papua New Guinea
The quake hit early on Monday morning in a central region of the country's main island of New Guinea at a depth of 35 kilometres. At this stage there have been no fatalities reported in the township of around 50,000 people, however Don Blakeman from the U.S.

Hundreds pay last respects to Billy Graham
The motorcade passed through the town of Black Mountain before arriving four hours later at the Billy Graham Library in Charlotte. It is estimated 2,300 people will to attend the invitation-only funeral. "Billy Graham and Dad were great buddies", Bush said.

US 'Rejects' shock Sweden to win men's curling gold
Always welcoming and really , I think, embodies what all of us would hope humanity can be. But he performed so badly he was benched, and then finished ninth of 10 teams in Sochi.

'The Walking Dead' recap: How much will you miss Carl?
Writing notes to everyone, having a cute moment with toddler Judith - and it only gets more heartwrenching from there. At the Kingdom, Ezekiel (Khary Payton) is now captured by Gavin (Jayson Warner Smith) and his small Savior crew.

USA prepares high-seas crackdown on North Korea sanctions evaders
Cereal trade also slowed, with exports of rice totalling 180 tonnes to North Korea, down 4.3 per cent from a year ago. Treasury Secretary Steven Mnuchin said the US has now blacklisted virtually all ships being used by the North.