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Quote from Sky News:


The restaurant chain Prezzo plans to close up to one-third of its 300 outlets across Britain, putting hundreds of jobs at risk as it joins a growing list of high street employers locked in a desperate battle to restructure their finances.

Sky News has learnt that Prezzo, which is owned by the private equity firm TPG Capital, is preparing to launch a Company Voluntary Arrangement (CVA) in the coming days in order to push through the radical overhaul.

The closure plan will affect roughly 100 Prezzo-owned outlets and involve the complete closure of its Tex-Mex chain Chimichanga, according to people close to the company.

Sources said on Wednesday that the CVA process would be unveiled "in the next few days", and would involve negotiations with landlords to secure rent reductions at many of Prezzo's remaining restaurants.

Several hundred jobs are likely to be lost as a result of the restructuring deal, although the exact figure is expected to be far lower than one-third of Prezzo's total workforce of 4,500, an insider said.

So it continues...