A restructuring that resulted in the closure of 114 restaurants inflicted a near-£200m hit on the value of assets at Prezzo.
Accounts for Papa Topco, the restaurant chain’s parent company, show a £197.8m non-cash write-off, reflecting the impairment of the original investment and historic goodwill in the £304 million acquisition of the business by TPG Capital in 2015.
Last year, Prezzo Limited, its main trading entity, reported a 3.2% fall in turnover to £211.6m, while operating profits, excluding one-offs, tumbled from £23.2m to £6.6m.
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