Prezzo will shut 46 loss-making consuming locations as a result of it struggles with hovering energy and meals costs.
The switch will put spherical 810 workers liable to redundancy, the Italian restaurant chain acknowledged, although it’s going to try to redeploy “as many workers internally as attainable”.
The private equity-owned enterprise acknowledged the cuts will affect web sites the place “the post-COVID restoration has proved tougher than we had hoped”.
After the closures, the chain might have 97 consuming locations and spherical 2,000 staff.
Dean Challenger, chief authorities of Prezzo, acknowledged: “The ultimate three years have been a variety of the toughest cases I’ve ever seen for the extreme avenue and I’m terribly happy with one of the simplest ways our colleagues have retained Prezzo’s place as an fascinating, trusted, good price meals and drinks experience.
“However the actuality is that the cost-of-living disaster, the altering face of the excessive avenue and hovering inflation has made it unimaginable to maintain all our eating places working profitably.”
The restaurant group acknowledged that its utility funds had higher than doubled, and it has been harm by the worth of meals, which reached a 45-year extreme ultimate month.
It has seen the worth of spaghetti rise 40%, pizza sauce go up 28% and the worth of its dough balls improve by 15%.
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Inflation eases nevertheless nonetheless stays above 10% as meals costs at 45-year extreme
“We imagine the powerful choices we’re making right now will guarantee Prezzo can proceed serving communities with high-quality, accessible Italian-inspired meals for a lot of extra years to come back,” Mr Challenger acknowledged.
The data comes merely two years after the group shut 22 consuming locations and reduce 216 jobs.
It fell into administration late in 2020 sooner than being bought by private equity householders Cain Worldwide.
The Prezzo consuming locations due to shut:
Beccles, Billericay, Bolton, Borehamwood, Boston, Bracknell, Brentwood, Buckhurst Hill, Buckingham, Chichester, Chingford, Colchester, Corby, Didcot, Eastbourne, Egham, Eltham, Ely, Epsom, Fleet, Glasgow, St Vincent Place, Hailsham, Harpenden, Livingston, Lyndhurst, Maidstone, Mere Inexperienced, Mill Hill, Oxford, Plymouth, Redditch, Redhill, Rugby, Shepperton, Shirley, Sidcup, St Neots, Stowmarket, Tenterden, Tunbridge Wells, Weybridge, Whitstable, Wickford, Wimborne, Winchester, Woodford Inexperienced.