An Italian restaurant chain says it will close one of its north London restaurants after the cost-of-living crisis and soaring inflation hit the chain’s finances.
Prezzo will close its Mill Hill branch in The Broadway, as well as the nearby Borehamwood restaurant in Shenley Road.
In total, 46 loss-making outlets across the country will shut as part of the overhaul.
The company said that about 810 workers were at risk of redundancy following the announcement of the changes this morning (April 24).
Prezzo said that its utility bills had more than doubled in the past year, while the price of spaghetti had risen by 40% and the price of pizza sauce by 28%.
The chain claimed that while it acknowledged the closures were “tough decisions” to make, they would help ensure it continued to serve customers “for many more years to come”.
Chief executive Dean Challenger said: “The last three years have been some of the hardest times I have ever seen for the high street and I’m extremely proud of the way our colleagues have retained Prezzo’s position as an appealing, trusted, great value food and drink experience.
“But the reality is that the cost-of-living crisis, the changing face of the high street and soaring inflation has made it impossible to keep all our restaurants operating profitably.
“We believe the tough decisions we are making today will ensure Prezzo can continue serving communities with high-quality, accessible Italian-inspired meals for many more years to come.”
Private real estate investment firm Cain International acquired Prezzo in December 2020 after the restaurant chain fell into administration due to the Covid pandemic.
The new closures come two years after the group shut 22 restaurants, including its Wembley site, and cut 216 jobs.
The latest shake-up will leave the hospitality chain with 97 restaurants and about 2,000 staff.
The full list of restaurants set to shut in London and surrounding areas is as follows:
- Borehamwood, Hertfordshire
- Brentwood, Essex
- Buckhurst Hill, Essex
- Chingford, Waltham Forest
- Egham, Surrey
- Eltham, Greenwich
- Epsom, Surrey
- Mill Hill, Barnet
- Shepperton, Surrey
- Sidcup, Bexley
- Weybridge, Surrey
- Woodford Green, Redbridge
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here