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Prezzo may close up to 100 restaurants in CVA

Prezzo may close up to 100 restaurants in CVA

No confirmation can now be given on the status of the Albert Street branch but Prezzo, owned by private equity firm TPG Capital, is understood to be releasing documents outlining which branches will be affected.

The Italian-themed chain, which has restaurants in Eastbourne and Hailsham, is set to shut one third of its 300 stores in the United Kingdom as it restructures its finances. A CVA allows a company to reduce some of its debts with permission of creditors with the aim of keeping the business running.

Further to the loss of 100 branches, the company will close its offshoot Chimichanga, a Tex-Mex chain with 33 restaurants across the UK.

Prezzo employs around 4,500 people and has 300 restaurants.

The news comes as retailers and restaurant chains struggle against higher wage bills thanks to a rising minimum wage, falling footfall and increasing rates.

Restaurants are also feeling the strain of stiff competition in the crowded casual dining sector, after an influx of private-equity backed firms.

The celebrity chef Jamie Oliver's chain, Jamie's Italian, also entered into a CVA this month.

Nearly one in five fashion retailers are exhibiting early warning signs of becoming insolvent, according to research published earlier this month by professional services firm Moore Stephens.

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