Prezzo: 94 Restaurants Set to Close as Company Files for CVA

    By Ewan Munro [CC BY-SA 2.0] via Wikimedia Commons

    Earlier this week, plans to close nearly a third of the restaurants of Prezos emerged as the company attempts to secure an agreement with creditors. Recently, Prezo has confirmed these plans.

    Today, the company is set to file for a company voluntary arrangement (CVA).

    Jon Hendry-Pickup, the Chief executive of Prezzo, confirmed to the MCA that 94 of its restaurant would be closed, leaving only 208.

    Approximately 1,000 of its employees are likely to be affected. However, details regarding which sites will close or when the sites will close have not yet been released.

    Approval will be sought from its creditors in the coming two to three weeks.

    So far, Prezzo is considered to be the biggest casual dining chain to turn to a CVA as pressure increases on operators. Jamie’s Italian and Byron Hamburger have already closed restaurants in 2018 after gaining a lifeline from their creditors.