Article by the Echo: Three Prezzo restaurants in south Essex are expected to remain after the chain announced the closure of almost 100 restaurants.
After the list was released determining which 94 restaurants will face the chop; it has been confirmed that Billericay, Rayleigh and Wickford's sites have been kept open.
There are currently 17 Prezzo sites across Essex. Although most of these sites will remain, sadly Brentwood, Halstead, Braintree and Chelmsford's restaurants will be closed.
The Chimichanga site in Brentwood high street is also one of all 33 sites across the country, set to close.
Jon Hendry-Pickup, CEO of Prezzo, told City AM that the company is still in a good place, despite the amount of closures that are planned for the business. He said:
“Prezzo’s core business today is fundamentally strong and has fantastic potential. However, the well-documented pressures on our industry mean a number of our restaurants are underperforming. While we continue to be profitable and cash-generative, our position is not sustainable, so we must take decisive action now to ensure we’re able to thrive in the future.”
The closures have come as part of a restructuring plan, known as a company voluntary arrangement (CVA). This means that Prezzo's debts will be put on hold while the company awaits a new buyer of the chain. This is the step that generally comes before a company going into administration.
The Mirror reported that the closures will results in the loss of around 1,000 jobs across the country, however, Prezzo bosses have said they will try and find new roles for those who have lost out.
Article by The Echo