Prezzo to close 46 ‘loss-making’ sites and put 810 jobs at risk of redundancy
Italian restaurant chain Prezzo is closing 46 of its sites due to rising food and energy costs
Prezzo is closing 46 restaurants putting 810 jobs at risk of redundancy, it has been announced. The Italian restaurant chain is set to close its ‘loss making’ sites.
The closures will leave the hospitality chain with 97 restaurants and about 2,000 staff. Prezzo staff were informed about the closures on Monday morning, with a consultation process launched.
Dean Challenger, chief executive of Prezzo, said: “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.
“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.
“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.”
Prezzo said it will work to redeploy “as many staff internally as possible” and will support others in new opportunities. The restaurant group said costs have increased over the past year, with its utility bills more than doubling and double-digit wage inflation.
The chain has also been impacted by soaring food inflation, which hit a 45-year high last month, with Prezzo witnessing a 40% increase in the cost of spaghetti, 28% rise for pizza sauce and 15% increase in the cost of its dough balls.
Full list of Prezzo stores set to close
Here is a full list of all the Prezzo restaurants due to close:
– Buckhurst Hill
– Glasgow, St Vincent Place
– Mere Green
– Mill Hill
– St Neots
– Tunbridge Wells
Want to join the conversation? Please or to comment on this article.