Prezzo, the UK casual dining chain that private equity group TPG bought for £304m in 2014, is restructuring its business with the loss of several hundred jobs in the latest sign of tough times on the British high street.
The Italian-themed business will close around a third of its 300 outlets in a company voluntary arrangement, a person with direct knowledge of the plans confirmed.
Prezzo, which employs 4,500 staff, will also shutter its Tex Mex-style sub-brand Chimichanga, which has 33 branches. News of its CVA was reported earlier by Sky.
A CVA is an agreement with a company and its lenders to pay what it can afford to service its debts o…
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