Italian dining chain Prezzo is set to close 46 loss-making restaurants amid rising food and energy costs, putting 810 jobs at risk.
The chain, which is owned by private equity firm Cain International, will have 97 locations after the closures. It will staff around 2,000 people.
Prezzo said the remaining restaurants will be in “better locations to cater to changing consumer habits such as shopping centres, retail parks, tourist destinations and travel hubs”.
The decision forms part of a strategic review of the business. Prezzo said its utility bills have more than doubled to represent 9% of total revenues. It added it is struggling with double-digit wage inflation, as well as inflationary pressure on core ingredients such as dough balls, pizza sauce, mozzarella and spaghetti.
Dean Challenger, chief executive of Prezzo, said: “The past three years have been some of the hardest times I have ever seen for the high street and I’m extremely proud of the way our colleagues have retained Prezzo’s position as an appealing, trusted, great value food and drink experience.
“But the reality is that the cost-of-living crisis, the changing face of the high street and soaring inflation has made it impossible to keep all our restaurants operating profitably. That is why we have made the difficult decision to close 46 sites where the post-Covid recovery has proved harder than we had hoped.”
“We believe the tough decisions we are making today will ensure Prezzo can continue serving communities with high-quality, accessible Italian-inspired meals for many more years to come,” said Challenger.
List of sites closing:
- Beccles
- Billericay
- Bolton
- Borehamwood
- Boston
- Bracknell
- Brentwood
- Buckhurst Hill
- Buckingham
- Chichester
- Chingford
- Colchester
- Corby
- Didcot
- Eastbourne
- Egham
- Eltham
- Ely
- Epsom
- Fleet
- Glasgow, St Vincent Place
- Hailsham
- Harpenden
- Livingston
- Lyndhurst
- Maidstone
- Mere Green
- Mill Hill
- Oxford
- Plymouth
- Redditch
- Redhill
- Rugby
- Shepperton
- Shirley
- Sidcup
- St Neots
- Stowmarket
- Tenterden
- Tunbridge Wells
- Weybridge
- Whitstable
- Wickford
- Wimborne
- Winchester
- Woodford Green
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
