10 February 2021
22 Prezzo restaurants are to permanently close after Cain International agreed a pre-pack administration.
The deal also includes 216 of its 2,900 jobs being lost.
8 February 2021
Cain International, the owner of Prezzo since December, is said to be exploring a possible pre pack administration for the Italian restaurant chain, amid industry uncertainty.
Sources say that discussions are being held with landlords about future rent arrangements and payment of arrears. FTI Consulting are working with the real estate investor to examine the options for Prezzo, which depend on the progress of such discussions. Likely options involve a pre-pack administration, company voluntary arrangement and/or a consensual restructuring.
Prezzo is one of the UK’s largest remaining high street restaurant chains. It has 180 outlets and a workforce made up of 2,500 people.
The hospitality industry is undergoing great stress, not knowing when they can reopen and being uncertain on how to treat rent arrears by commercial landlords. This is not the first restaurant operator to launch creditor talks.