Italian restaurant chain Prezzo is looking to close up to a third of its 300 sites putting hundreds of jobs at risk as it becomes the latest victim of tough trading conditions.
The company was bought by private equity house TPG Capital in 2014 for £300m, which fuelled a massive expansion in sites but is now looking at having to overhaul the business to survive.
Sources close to the firm suggest roughly 100 Prezzo-owned restaurants could be closed as part of a company voluntary agreement, which is a form of administration aimed at protecting a business from going bust entirely.
