Prezzo closures put 1500 jobs at risk

ALAMYPrezzo is to close roughly 100 restaurants according to reports

ALAMYPrezzo is to close roughly 100 restaurants according to reports

Hundreds of positions are at risk at about 100 Prezzo-owned outlets, though an insider told Sky News the number of lost jobs was expected to be far below a third of the full 4,500-person workforce.

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Prezzo is owned by private equity firm TPG Capital.

The move to close 100 of its 300 stores would form part of a deal to cut rent costs in the future.

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The company now has a workforce of 4,500.

The CVA process will reportedly be rolled out "in the next few days" and will involved landlords to secure rent reductions at Prezzo restaurants.

It is the latest of a string of High Street firms to run into difficulties.

On Wednesday, Toys R Us and electronics retailer Maplin crashed into administration, putting more than 5,000 jobs in jeopardy.

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Company voluntary arrangements have been used by burger chain Byron and Jamie's Italian in recent months as the high street battles rising inflation and increases to the minimum wage.

Prezzo warned in its financial accounts previous year that the casual dining market was encountering a "turbulent" time and its worst fears appear to have been realised despite efforts to rein in costs and offload unprofitable sites.

As well as staff costs and lower footfall, the chains have been stung by the collapse in the pound, which has ramped up the cost of buying ingredients.

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