Prezzo to close 100 restaurants amid high street turmoil

Creditors push through plans to close 12 Jamie Oliver restaurants

The restaurant chain Prezzo - which has two eateries in Sheffield - is reportedly planning to close up to a third of its outlets across the United Kingdom putting hundreds of jobs at risk.

Neither Prezzo nor TPG Capital have commented on the situation, but Sky News said the CVA proposals would be unveiled "in the next few days", citing a source familiar with the proposals.

TPG, its USA private equity backer, is tipped to cut the company's estate from nearly 300 restaurants to about 200 by means of a company voluntary arrangement early next week to be handled by Alix Partners, the restructuring specialist.

Prezzo is also expected to completely close its TexMex chain Chimichanga, which has 33 restaurants in the UK.

Several hundred jobs could be lost if plans go ahead.

The threat of further job losses comes on the day of turmoil for high street retailers as Toys R Us and Maplin collapsed into administration.

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Soaring business rates, National Living Wage costs and the Apprenticeship Levy are all thought to have impacted on the businesses.

It it yet to be confirmed which Prezzo restaurants will be affected by the closures.

Barbecoa, a smaller business owned by Mr Oliver, appointed administrators last week.

Around a third of Prezzo restaurants could be set to close as its parent company orders a restructuring, it has been reported.


It also plans to close the Tex-Mex chain Chimichanga, also owned by the company.

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