Prezzos and Chimichanga restaurants across the region at risk from closure

Jobs at Broughton Prezzo could be at risk as company looks to close 100 of its restaurants

Prezzo has a restaurant in Howardsgate, Welwyn Garden City.

Restaurant chain Prezzo is reported to be planning to close 100 restaurants as part of a restructuring, leaving the future uncertain for its staff across Kent.

The chain, which employs about 4,500 people, would seek rent reductions on others under a tool known as a company voluntary arrangement.

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The restaurants' private equity firm owner, TPG Capital of the United States of America, is said to be poised to launch a company voluntary arrangement (CVA) "in the next few days" as it looks to restructure finances.

Sky News reports Prezzo, which is backed by TPG Capital, will also close all 33 of its Chimichanga brand Tex Mex restaurants - one of which is on Pepper Street in Chester.

Casual dining restaurants and fashion retailers have come under particular strain as consumers cut back on discretionary spending amid falling real wages.

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Jamie's Italian and Byron Hamburger have been two big names reporting trouble and entering into a CVA.

But the CVA will reshape the business, cutting out less profitable restaurants to reflect lower demand, indicated by sales that have been declining compared with past year.

In the case of restaurant chains, this usually involves landlords accepting reduced rent payments.

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Neither Prezzo nor TPG Capital have commented on the situation, but Sky News said the CVA proposals would be unveiled "in the next few days", citing a source familiar with the proposals.

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