A popular Italian restaurant chain is set to close a third of its restaurants around the UK – including one in south Bucks – as it tries to rescue its business.
Hundreds of jobs are expected to be lost at Prezzo as it announces the closure of 100 of its 300 stores, including the one in Amersham’s Whielden Street.
The company, owned by private equity firm TPG Capital, is set to launch a Company Voluntary Arrangement (CVA), which will allow the chain to close unprofitable branches and secure rent reductions on the remaining estate.
Its Tex-Mex chain Chimichanga has also been earmarked for closure.
The company employs a total of 4,500 people.
The news comes as Toys R Us and electronics retailer Maplin crashed into administration last Wednesday, putting more than 5,000 jobs at risk.
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