Prezzo bosses make decision on future of Rugby branch

Prezzo has finally revealed the future of its branch in Rugby after the company hit financial difficulties.

Wednesday, 7th March 2018, 12:15 pm
Updated Wednesday, 7th March 2018, 12:24 pm
The Prezzo in Rugby. Phot from Google Street View.

The Italian restaurant chain is set to enter a Company Voluntary Agreement (CVA), which will see the closure of 94 restaurants.

The closures will include Prezzo branches and Chimichanga branches.

The branch in Regent Street, Rugby is listed as a category 1 lease.

This means Prezzo is planning on keeping it open, as it is profitable at the current level of rent.

A Prezzo spokesman said: “The proposal allows Prezzo to rationalise its estate and to reduce the cost of its leased restaurants.

“This will allow the company to focus its resources on the core, more profitable restaurants whilst continuing to meet its obligations to suppliers and creditors.

“Prezzo will be better placed to implement the changes required to refresh the Prezzo brand and to counter the economic challenges currently affecting the casual dining sector.

“If approved by the creditors, the CVA proposal will substantially reduce Prezzo’s rental obligations and will move the business towards a more robust business model.

“Where restaurants are closed, we will do everything possible to redeploy staff to other sites.”

The branch in Regent Grove, Leamington is listed as a category 3 lease.

This means Prezzo is planning on closing the branch in within a year’s time if no new lease agreement is entered into.