Prezzo to shut 94 restaurants as 500 jobs put at risk
Video report by ITV News Consumer Editor Chris Choi
Hundreds of jobs are set to be axed as the Italian-themed restaurant Prezzo agrees to new restructuring plans that will shut down around a third of its UK stores.
Around 500 jobs are understood to be in the firing line, although many staff will be redeployed at other restaurants.
Prezzo creditors are looking for restaurant landlords to approve rent reductions in order to stop the chain from going into administration.
The company, owned by private equity firm TPG Capital, have undertaken a deal known as Company Voluntary Arrangement (CVA) on Friday.
Other struggling high street restaurants, including burger chain Byron and Jamie's Italian, have also undertaken CVAs.
The news comes at a bleak time for the casual dining sector.
As well as staff costs and lower footfall, the chains have been stung by the collapse in the pound, which has ramped up the cost of buying ingredients.
Which other high street restaurants are taking a hit?
News of Prezzo's store closures come in a dismal first quarter for the UK high street, with Carpetright also announcing the prospect of closing outlets on Wednesday.Earlier this week, New Look agreed a restructuring plan with creditors that will see it shut 60 stores, resulting in the loss of up to 980 jobs.
Has your local Prezzo been affected?
Abergavenny
Alton
Amersham
Arundel
Barnet
Barnstaple
Bedford (operates under MEXIco brand)
Belfast, Victoria Square
Belfast, Boucher Road
Beverley
Blackpool
Blandford, Dorset
Bournemouth (operates under Chimichanga brand)
Braintree, Charter Way
Braintree (operates under Chimichanga brand)
Brentwood, High Street
Brentwood High Street (operates under Chimichanga brand)
Bromley (operates under Chimichanga brand)
Canterbury (operates under Chimichanga brand)
Cardiff (operates under Chimichanga brand)
Carlisle
Carmarthen
Catterick
Chatham (operates under Chimichanga brand)
Chelmsford
Chester (operates under Chimichanga brand)
Cobham (operates under Cleaver brand)
Cramlington, Northumberland
Crawley (operates under Chimichanga brand)
Dalton park
Darlington
Manchester, Deansgate
Derby (operates under MEXIco brand)
Ealing (operates under Chimichanga brand)
Eastleigh (operates under Chimichanga brand)
Edinburgh
Falmouth
Fareham, Hampshire (operates under Chimichanga brand)
Farnham, Surrey
Formby
Glasgow Fort
Gloucester
Guildford
Halstead
Haywards Heath
Hereford, Garrick Lane
Hereford, Garrick Lane (operates under Chimichanga brand)
Hornchurch (operates under Chimichanga brand)
Ipswich (operates under Chimichanga brand)
Kettering (operates under Chimichanga brand)
Kingston
Leicester
Lewes
Lincoln (operates under Chimichanga brand)
Maidstone (operates under MEXIco brand)
Midhurst
Milton Keynes (operates under Chimichanga brand)
New Brighton (operates under Chimichanga brand)
Newbury
Newcastle
Newquay
Northwood
Norwich
Nottingham
Penarth
Peterborough (operates under Chimichanga brand)
Port Solent, Portsmouth (operates under Chimichanga brand)
Poulton
Ripon
Sheffield, Broughton Lane
Sheffield, Ecclesall Road
Silverburn (operates under Chimichanga brand)
Solihull (operates under Chimichanga brand)
South Woodford (operates under Chimichanga brand)
Southampton, 25 Oxford Street
Southampton (operates under Chimichanga brand)
St Annes-on-Sea
St Austell
Stamford
Stevenage
Stratford Upon Avon
Sudbury
Taunton
Telford Southwater (operates under Chimichanga brand)
Tewkesbury
Wandsworth
Wandsworth (operates under Chimichanga brand)
Warrington
Watford (operates under Chimichanga brand)
West Bromwich
Wokingham
Woodley
Yate
Yeovil