Prezzo expected to announce CVA involving restaurant closures

Restaurant chain Prezzo is expected to announce that is has entered a Company Voluntary Agreement involving the closure of dozens of branches in the next few days. 

Earlier this year it was revealed that the brand, owned by American private equity business TPG, had appointed consultants at Alix Partners to oversee a financial restructuring.

Up to one third of the chain’s 300 restaurants are at risk of closure, along with the Tex-Mex chain Chimichanga, Sky News believes.

Prezzo is the latest causal dining restaurant to be hit by tough trading conditions affecting the casual dining sector and the news follows recent announcements that Jamie’s Italian and burger chain Byron have entered into CVAs.

Prezzo was acquired by TPG in 2014 for £304m from the Kaye family, who founded the business in 2000.

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