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Prezzo will shut 46 loss-making eating places because it struggles with hovering vitality and meals prices.
The transfer will put round 810 staff vulnerable to redundancy, the Italian restaurant chain mentioned, though it should attempt to redeploy “as many employees internally as attainable”.
The non-public equity-owned enterprise mentioned the cuts will have an effect on websites the place “the post-COVID restoration has proved more durable than we had hoped”.
After the closures, the chain can have 97 eating places and round 2,000 employees.
Dean Challenger, chief government of Prezzo, mentioned: “The final three years have been a number of the hardest instances I’ve ever seen for the excessive avenue and I am extraordinarily pleased with the best way our colleagues have retained Prezzo’s place as an interesting, trusted, nice worth foods and drinks expertise.
“However the actuality is that the cost-of-living disaster, the altering face of the excessive avenue and hovering inflation has made it not possible to maintain all our eating places working profitably.”
The restaurant group mentioned that its utility payments had greater than doubled, and it has been damage by the price of meals, which reached a 45-year excessive final month.
It has seen the price of spaghetti rise 40%, pizza sauce go up 28% and the price of its dough balls improve by 15%.
Learn extra:
Inflation eases but still remains above 10% as food costs at 45-year high
“We imagine the powerful choices we’re making in the present day will guarantee Prezzo can proceed serving communities with high-quality, accessible Italian-inspired meals for a lot of extra years to return,” Mr Challenger mentioned.
The information comes simply two years after the group shut 22 eating places and minimize 216 jobs.
It fell into administration late in 2020 earlier than being purchased by non-public fairness homeowners Cain Worldwide.
The Prezzo eating places because of shut:
Beccles, Billericay, Bolton, Borehamwood, Boston, Bracknell, Brentwood, Buckhurst Hill, Buckingham, Chichester, Chingford, Colchester, Corby, Didcot, Eastbourne, Egham, Eltham, Ely, Epsom, Fleet, Glasgow, St Vincent Place, Hailsham, Harpenden, Livingston, Lyndhurst, Maidstone, Mere Inexperienced, Mill Hill, Oxford, Plymouth, Redditch, Redhill, Rugby, Shepperton, Shirley, Sidcup, St Neots, Stowmarket, Tenterden, Tunbridge Wells, Weybridge, Whitstable, Wickford, Wimborne, Winchester, Woodford Inexperienced.
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