Prezzo facing "up to 100 site closures" under proposed CVA

Prezzo is expected to close a third of its outlets via a company voluntary arrangement

Prezzo, which is owned by private equity firm TPG capital, is said to be preparing to launch a Company Voluntary Agreement (CVA) in the coming days.

The restaurant chain Prezzo plans to close up to one-third of its 300 outlets across Britain, putting hundreds of jobs at risk as it joins a growing list of high street employers locked in a desperate battle to restructure their finances.

Under the deal, the company will close unprofitable branches and secure rent reductions on the remaining estate.

The chain, which numbers 300 branches in the United Kingdom, is understood to have recruited the services of turnaround specialist AlixPartners to assist with the plans, which include shutting down its Tex-Mex chain Chimichanga.

It it yet to be confirmed which Prezzo restaurants will be affected by the closures.

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Burger chain Byron and Jamie's Italian have both had to undergo similar restructurings this year, agreeing rescue plans with their lenders and landlords, and closing restaurants. We have contacted the firm for comment and are awaiting a reply.

The celebrity chef Jamie Oliver's chain, Jamie's Italian, also entered into a CVA this month.

Several restaurant chains have been hit by high rents and business rates, as well as the rising cost of labour and food, against a competitive backdrop.

More job losses look set to follow.

Nearly one in five fashion retailers are exhibiting early warning signs of becoming insolvent, according to research published earlier this month by professional services firm Moore Stephens.

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