Chain gives update on 2018 progress as published accounts for last year reveal the true extent of the mess it was in
Loungers relocates a store for the first time as it pounces on vacant Prezzo premises
Loungers is relocating one of its most popular restaurants to a larger site formerly occupied by troubled asual dining chain Prezzo. The Ocho Lounge in Penarth, near Cardiff, has traded from its Windsor Road address for a decade, but it has been bursting at the seams for the last couple of years. Loungers has been…
Prezzo’s Salisbury branch cordoned off by police after two diners ‘become unwell’
Police have said there is nothing to suggest that novichok is to blame for two people falling ill at a branch of Prezzo that was cordoned off in Salisbury yesterday evening. Wiltshire Police declared a “major incident” at 6.45pm last night following a report that a man in his 40s and a woman aged in…
MARKET WATCH: Prezzo’s transformation plan in 5 steps
A decisive 88% of casual dining chain Prezzo’s creditors gave their approval to restructuring proposals set out under its Company Voluntary Arrangement. Here’s how bosses intend to turn around the business now that its plans have been rubber-stamped. 1. Four core pillars Prezzo plans to close 94 restaurants and is seeking rent reductions on others…
Creditors approve Prezzo plans to shutter 94 restaurants and axe Chimichanga chain
Prezzo has secured the 75%-plus approval it required from creditors to push ahead with restructuring proposals outlined in its Company Voluntary Arrangement. The troubled chain will now proceed with plans to shut 94 of its 300 restaurants and axe its Tex-Mex brand Chimichanga altogether. It is understood the closures will be completed by the end…
Prezzo’s ‘transformation plan’ will see best-performing branches redesigned
Prezzo bosses will roll out a new layout and design across the chain’s top-performing restaurants if creditors agree to restructuring proposals later this month, it can be revealed. The company plans to close 94 restaurants and is seeking rent reductions on others as part of a Company Voluntary Arrangement announcedlast week. The CVA also details…
Prezzo trade debts include £217k to ventilation firm and £68k to Lockhart
Troubled casual dining chain Prezzo owes banks and suppliers more than £220m, according to the Company Voluntary Arrangement (CVA) it announced last week. While £154m is owed to secured creditors such as Barclays Bank, AIB Group and RBS, dozens of unsecured trade creditors are collectively owed nearly £66m. The 169-page CVA document, seen by FEJ,…
Prezzo forewarned of turbulence a year ago as it prepares to abandon 100 branches
The high street restaurant shake-up looks set to claim another victim this week, with Prezzo reportedly preparing a Company Voluntary Arrangement (CVA) that will lead to the closure of up to 100 stores. Prezzo warned in its financial accounts last year that the casual dining market was encountering a “turbulent” time and its worst fears…
Business rates data exposes why chains are begging landlords to slash rents
Restaurant and casual dining chains are joining retailers in their struggles against the “onerous” business rates regime, with some fall-out in the high street highly likely, Colliers International has said. With the negative impact of the 2017 Rating Revaluation hitting casual dining chains, the property agency said that rising rates had “substantially” added to their…
Prezzo in talks with lenders over its loans, reports Reuters
British restaurant chain Prezzo is in talks with its lenders after the price of its leveraged loans dropped in Europe’s secondary loan market, news agency Reuters claimed this morning. Private equity firm TPG acquired Prezzo four years ago, backed with a £155m leveraged loan financing, comprising a £130m term loan and a £25m pound revolving…
