Home Business News Prezzo to axe over 200 jobs and 22 restaurants

Prezzo to axe over 200 jobs and 22 restaurants

by LLB Finance Reporter
10th Feb 21 2:30 pm

Following a rescue out of administration the Prezzo restaurant chain are to axe 216 jobs and 22 restaurants, after it was bought back from administrators in a pre-pack deal.

Cain International who bought the chain said that the action wil protect 2,900 jobs. Currently due to the third lockdown all 178 restaurants remain closed.

Jonathan Goldstein, chief executive of Cain said, “We firmly believe that strong hospitality businesses, such as Prezzo, have a bright future and will play an essential role in reviving the UK economy.

“However, to do so, we must get through this current crisis of mounting liabilities and no revenues.

“The lack of visibility on when and how the sector will reopen has heightened economic uncertainty to the point where decisive action had to be taken to secure the future of the business and the majority of jobs for Prezzo’s people.

“We are deeply sorry for all those affected by the permanent closure of the 22 non-viable restaurants.

“It was a difficult, but essential, decision to take but doing so will allow us to save thousands of jobs and create more in the future.”

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