Prezzo to close 46 restaurants with 810 jobs at risk

Prezzo is to close 46 loss-making restaurants across the country as part of a "strategic review" of the business.

The Italian chain said around 810 staff jobs were at risk and employees had been told of the plans today (24 April).

Prezzo's chief executive Dean Challenger said the cost of living crisis and soaring inflation had made it "impossible" for all the group's restaurants to stay profitable.

Utility bills at the chain have more than doubled while the price of dough balls has risen 15%, pizza sauce 28% and spaghetti 40%, the company said.

The closures will leave Prezzo with 97 sites remaining and 2,000 staff.

The move seems to signal a shift away from the high street for the brand. Prezzo said its remaining sites would be in locations suited to "changing consumer habits" such as shopping centres, retail parks, tourist destinations and travel hubs.

The company said customer numbers were still strong in high footfall areas but but below pre-pandemic levels in "other locations".

"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," said Challenger.

"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. That is why we have made the difficult decision to close 46 sites where the post-Covid recovery has proved harder than we had hoped.

"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 move comes two years after Prezzo closed 22 restaurants after being bought out of administration by investment firm Cain International.

The casual dining chain was founded in 2000.

The full list of locations where sites are closing is as follows:

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 Green

Mill Hill

Oxford

Plymouth

Redditch

Redhill

Rugby

Shepperton

Shirley

Sidcup

St Neots

Stowmarket

Tenterden

Tunbridge Wells

Weybridge

Whitstable

Wickford

Wimborne

Winchester

Woodford Green