Prezzo landlords have been forced to accept a £32m loss following a restructuring deal that wipes out all of the restaurant chain’s creditors, except the taxman.
While HM Revenue & Customs will recoup £3.3m of the £11.8m it is owed, the biggest losers are the landlords of 47 loss-making Prezzo restaurants, which will be wiped out to the tune of a total £32m. The liabilities that are being restructured total more than £70m.
The chain at its peak had about 300 restaurants, but has been through several restructurings and is now down to 97 restaurants.
