The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Hotel / Restaurants Accommodation And Food Service Activities Food And Beverage Service Activities 56.10 - Restaurants and mobile food service activities
216 jobs Number of planned job losses
Announcement Date
10 February 2021
Employment effect (start)
Foreseen end date
Description
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.
Sources
10 February 2021: The Financial Times (www.ft.com)
Eurofound (2021), Prezzo, Closure in United Kingdom, factsheet number 103634, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103634.
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