FULL LIST: Prezzo to shut 94 restaurants with 500 jobs to go including sites in Peterborough and Stamford

Prezzo has hit financial difficulties and will close some 100 sites
Prezzo has hit financial difficulties and will close some 100 sites

Hundreds of jobs are to be axed at Prezzo after the restaurant chain agreed a restructuring plan that will see nearly 100 sites close.

The closures include Prezzo in Stamford and Chimichanga in Peterborough, a brand owned by the same company.

The company, owned by private equity firm TPG Capital, secured the backing of creditors for Company Voluntary Arrangement (CVA) on Friday, which will allow the Italian-themed chain to exit unprofitable branches and secure rent reductions.

A total of 94 of Prezzo's 300 outlets will close, with around 500 jobs understood to be in the firing line, although many staff will be redeployed at other restaurants.

Prezzo, which worked with AlixPartners on the restructuring, employs 4,500 people across its stable of restaurant brands, which also include Chimichanga, MEXIco and Cleaver.

The CVA proposal was backed by 88% of the creditors, including landlords.

Prezzo boss Jon Hendry-Pickup said: "I would like to thank our creditors and landlords for supporting our transformation plan.

"While we continue to be profitable, the pressures on our industry have been well documented.

"Despite this being a tough decision, the support given today by our creditors shows that they believe we have the right approach to transforming Prezzo in the eyes of teams, customers and stakeholders.

"It has been a challenging time during the CVA process and I would like to thank our suppliers, colleagues and customers for their patience and support."

The 94 restaurants identified for closure are likely to shut in April and May, Prezzo said, and staff will be made aware of the exact dates as soon as they have been confirmed.

The news comes at a bleak time for the high street and the casual dining sector in particular.

This year has also seen burger chain Byron and Jamie's Italian undertake CVAs as they come under increasing pressure from rising costs and falling consumer confidence.

As well as staff costs and lower footfall, the chains have been stung by the collapse in the pound, which has ramped up the cost of buying ingredients.

Soaring business rates, National Living Wage costs and the Apprenticeship Levy have also taken their toll.

News of Prezzo's store closures come in a dismal first quarter for the UK high street, with Carpetright also announcing the prospect of closing outlets on Wednesday and Moss Bros and Mothercare also in the doldrums.

Earlier this week, New Look agreed a restructuring plan with creditors that will see it shut 60 stores, resulting in the loss of up to 980 jobs.

The FULL LIST of Prezzo owned restaurants to close is:

Abergavenny

Alton

Amersham

Arundel

Barnet

Barnstaple

Bedford (operates under MEXIco brand)

Belfast, Victoria Square

Belfast, Boucher Road

Beverley

Blackpool

Blandford, Dorset

Bournemouth (operates under Chimichanga brand)

Braintree, Charter Way

Braintree (operates under Chimichanga brand)

Brentwood, High Street

Brentwood High Street (operates under Chimichanga brand)

Bromley (operates under Chimichanga brand)

Canterbury (operates under Chimichanga brand)

Cardiff (operates under Chimichanga brand)

Carlisle

Carmarthen

Catterick

Chatham (operates under Chimichanga brand)

Chelmsford

Chester (operates under Chimichanga brand)

Cobham (operates under Cleaver brand)

Cramlington, Northumberland

Crawley (operates under Chimichanga brand)

Dalton park

Darlington

Manchester, Deansgate

Derby (operates under MEXIco brand)

Ealing (operates under Chimichanga brand)

Eastleigh (operates under Chimichanga brand)

Edinburgh

Falmouth

Fareham, Hampshire (operates under Chimichanga brand)

Farnham, Surrey

Formby

Glasgow Fort

Gloucester

Guildford

Halstead

Haywards Heath

Hereford, Garrick Lane

Hereford, Garrick Lane (operates under Chimichanga brand)

Hornchurch (operates under Chimichanga brand)

Ipswich (operates under Chimichanga brand)

Kettering (operates under Chimichanga brand)

Kingston

Leicester

Lewes

Lincoln (operates under Chimichanga brand)

Maidstone (operates under MEXIco brand)

Midhurst

Milton Keynes (operates under Chimichanga brand)

New Brighton (operates under Chimichanga brand)

Newbury

Newcastle

Newquay

Northwood

Norwich

Nottingham

Penarth

Peterborough (operates under Chimichanga brand)

Port Solent, Portsmouth (operates under Chimichanga brand)

Poulton

Ripon

Sheffield, Broughton Lane

Sheffield, Ecclesall Road

Silverburn (operates under Chimichanga brand)

Solihull (operates under Chimichanga brand)

South Woodford (operates under Chimichanga brand)

Southampton, 25 Oxford Street

Southampton (operates under Chimichanga brand)

St Annes-on-Sea

St Austell

Stamford

Stevenage

Stratford Upon Avon

Sudbury

Taunton

Telford Southwater (operates under Chimichanga brand)

Tewkesbury

Wandsworth

Wandsworth (operates under Chimichanga brand)

Warrington

Watford (operates under Chimichanga brand)

West Bromwich

Wokingham

Woodley

Yate

Yeovil