Prezzo restaurant chain to close a third of its UK branches
TPG, its USA private equity backer, is tipped to cut the company's estate from nearly 300 restaurants to about 200 by means of a company voluntary arrangement early next week to be handled by Alix Partners, the restructuring specialist.
In this case, Prezzo could enter negotiations with landlords to secure rent reductions at many of their remaining restaurants.
It has been reported that the Prezzo-owned Tex-Mex chain Chimichanga (with more than 30 outlets) will close down entirely.
Maplin, the electricals chain, also announced it would be following Toys R Us UK into administration on Wednesday.
AlixPartners, the advisory firm, is overseeing the CVA.
The news comes as retailers and restaurant chains struggle against higher wage bills thanks to a rising minimum wage, falling footfall and increasing rates.
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It it yet to be confirmed which Prezzo restaurants will be affected by the closures.
Barbecoa, a smaller business owned by Mr Oliver, appointed administrators last week.
Prezzo has been run by former Travelodge executive Jon Hendry Pickup since 2016.
If plans, revealed by an insider at the brand, go ahead it could involve the complete closure of chain Chimichanga, meaning Lincoln's much-loved Brayford Wharf restaurant would shut down.
Spokespeople for Prezzo and TPG declined to comment.
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