A popular Italian restaurant in Northwood will close its doors for the last time this month.
Prezzo at 29 Green Lane is one of 94 restaurants across the country to be axed after the chain launched a Company Voluntary Arrangement (CVA). This means branches which would not be profitable even with a rent reduction will be closed.
Jon Hendry-Pickup, CEO of Prezzo, said the decision was not made lightly.
He commented: “While we continue to be profitable, the pressures on our industry have been well documented. Despite this being a tough decision, the support given by our creditors shows that they believe we have the right approach to transforming Prezzo in the eyes of teams, customers and stakeholders. It has been a challenging time during the CVA process and I would like to thank our suppliers, colleagues and customers for their patience and support.”
The 94 restaurants identified for closure under the CVA are likely to close in April and May. Although the CVA involves a requirement to make redundancies, a Prezzo spokesman said every effort will be made to redeploy employees affected by the closures. Job losses are expected to be in the hundreds.
Prezzo in Northwood will close on April 14.
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