EMCC European Monitoring Centre on Change

Prezzo

Company/Organisation:
Prezzo

Geographic Location

Country: United Kingdom

Company

Sector: Hotel / restaurants
Accomodation and food service activities
56.10 - Restaurants and mobile food service activities
Number Employed: 2900

Employment Effects

Announcement Date: 10-02-2021
Planned Job Reductions min: 216
Planned Job Reductions max: 216
Type of Restructuring: Closure
Direct Dismissals: 216

Additional Information

Prezzo, the UK-based Italian themed restaurant chain has announced that it will close 22 of its 178 sites across the UK, making 216 jobs redundant. The restructure is part of an administration process that was initiated by the company’s new owners, who acquired the chain in December 2020.

The chief executive of the company that owns Prezzo said the uncertainty about when restaurants can reopen after the COVID-19 restrictions made it necessary to take ‘decisive action’ in order to ensure the future of the company and save jobs.

Prezzo is currently one of the UK's largest high street restaurant chains, with a workforce of approximately 2,900 people. The company underwent a restructure as part of a Company Voluntary Agreement (CVA) with the loss of 500 jobs in 2018.

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