Italian chain Prezzo to close 46 restaurants
Italian restaurant chain Prezzo has announced it will shut 46 restaurants after being hit by rising costs.
The group said the closures, which will put 810 staff at risk of redundancy, have come after its utility costs more than doubled.
In a statement, Dean Challenger, chief executive of Prezzo, said: “The last three years have been some of the hardest times I have ever seen for the high street and I’m extremely proud of the way our colleagues have retained Prezzo’s position as an appealing, trusted, great value food and drink experience.
“But the reality is that the cost-of-living crisis, the changing face of the high street and soaring inflation has made it impossible to keep all our restaurants operating profitably.
“We believe the tough decisions we are making today will ensure Prezzo can continue serving communities with high-quality, accessible Italian-inspired meals for many more years to come.”
The news comes two years after the group closed 22 of its restaurants and cut 2016 jobs.
Prezzo fell into administration late in 2020 before being bought by private equity owners Cain International.
The Prezzo restaurants due to close are:
Glasgow, St Vincent Place