Jobs at risk as East Midlands restaurants battle closure

Prezzo, the Italian restaurant chain which has branches across the East Midlands, is set to close over 100 of its venues in order to save the business.

According to reports, the chain, owned by private equity firm TPG Capital, employs around 4,500 people in the UK. It is also expected to completely close its Chimichanga brand, which has venues in Leicester and Lincoln.

The BBC says that restructuring specialist Alix Partners is putting together a company voluntary arrangement (CVA) for Prezzo which would allow it to renegotiate the restaurant chain’s debts.

TPG bought Prezzo for £300m in 2014.