Prezzo is closing 46 unprofitable restaurants nationwide as part of the company’s “strategic review”.
The Italian chain said around 810 jobs were at risk and notified workers of the plan yesterday (April 24). Prezzo CEO Dean Challenger said the cost of living crisis and rising inflation had made it “impossible” for all the group’s restaurants to remain profitable, stating that chain’s energy costs have doubled, with dough ball prices rising 15%, pizza sauce prices 28% and spaghetti prices up 40%.
Dean Challenger stated, “The last three years have been some of the hardest times I have ever seen for the high street and I’m extremely proud of the way our colleagues have retained Prezzo’s position as an appealing, trusted, great value food and drink experience.”
“But the reality is that the cost-of-living crisis, the changing face of the high street and soaring inflation has made it impossible to keep all our restaurants operating profitably. That is why we have made the difficult decision to close 46 sites where the post-Covid recovery has proved harder than we had hoped.
“We believe the tough decisions we are making today will ensure Prezzo can continue serving communities with high-quality, accessible Italian-inspired meals for many more years to come.”
The closure will leave Prezzo with 97 locations and 2,000 employees.
The move comes two years after Prezzo closed 22 restaurants following a management buyout by investment firm Cain International.
The casual restaurant chain was founded in 2000.
The full list of locations where sites are closing is as follows:
Glasgow, St Vincent Place