Jobs axed as two restaurants across Port Solent and Whiteley to close

Jobs axed as two restaurants across Port Solent and Whiteley to close”

The Italian restaurant chain, Prezzo, has announced its restructuring plan in a bid to put the business on a sustainable footing.

Prezzo's restaurant in Carfax, Horsham, will remain operational.

"This will allow the company to focus its resources on the core, more profitable restaurants whilst continuing to meet its obligations to suppliers and creditors", said a company spokesman.

This means 94 out of a total of 300 Prezzo restaurants will close, as well as all 33 Chimichanga outlets.

Prezzo has a restaurant at Valley Centertainment and on Ecclesall Road, both of which are now due to close down.

Jon Hendry-Pickup, CEO of Prezzo, said: "Prezzo's core business today is fundamentally strong and has fantastic potential".

Prezzo has stressed that, although there will be job losses, it will try to redeploy staff where possible. Closures are expected to commence from April 2018. We recognise this process will impact many of our team members and their families.

He added: "We understand we need to be proactive in meeting the evolving needs of our customers, and are working extremely hard to make Prezzo a memorable and distinctive brand and experience".

"I firmly believe the business has a bright future". It is not yet known if the Telford or Bridgnorth Prezzo restaurants are also under threat of closure.

This proposed restructuring, under the terms of a company voluntary arrangement (CVA), will allow Prezzo to continue operating while it implements plans to improve its food and service and to invest in new restaurant layouts and designs.

The CVA documents disclose £154mn ($212.6mn) to Barclays Bank and the Royal Bank of Scotland, as well as £65.7mn ($90.7mn) to unsecured creditors.

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