Belfast Telegraph

Jobs to go in Northern Ireland as restaurant chain Prezzo closes sites

By Andrew Madden

Hundreds of jobs at restaurant chain Prezzo are to be axed after the company agreed a restructuring plan that will see nearly 100 sites closed.

Of the 94 outlets earmarked for closure, two are in Belfast - Boucher Road and Victoria Square. Around 12 jobs in Northern Ireland will be lost.

The company, owned by private equity firm TPG Capital, secured the backing of creditors for a company voluntary arrangement yesterday, which will allow the Italian-themed chain to exit unprofitable branches and secure rent reductions.

Almost a third of Prezzo's 300 UK outlets will close, with around 500 jobs understood to be under threat, although many staff will be redeployed at other restaurants.

Prezzo, which worked with AlixPartners on the restructuring, employs 4,500 people across its stable of restaurant brands, which also include Chimichanga, MEXIco and Cleaver.

Prezzo boss Jon Hendry-Pickup said: "Despite this being a tough decision, the support given today by our creditors shows that they believe we have the right approach to transforming Prezzo in the eyes of teams, customers and stakeholders."

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.

Popular