East Midlands restaurants to close as Prezzo nears CVA

The owner of Prezzo has revealed it is to close restaurants across the East Midlands region as part of a move to try and save the company.

TPG will close restaurants across the region, including MEXIco in Derby, Prezzo in Kettering, Leicester Silver Street, Lincoln, Nottingham Low Pavement and Stamford. The Leicester and Lincoln Chimichanga restaurants will also be closed.

Around 1,000 jobs will be lost across the UK, although Prezzo says it will try and find staff new roles elsewhere in the business.

The move is part of deal 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.