Prezzo Shuts Down 46 UK Locations as Rising Costs Take a Toll.
Prezzo, a well-known Italian restaurant chain, has announced the closure of 46 branches across the UK, including establishments in Glasgow and Livingston, due to skyrocketing utility bills and increasing food prices. This decision puts 810 employees at risk of losing their jobs.
The restaurants affected include those on St Vincent Place in Glasgow and at Livingston’s Designer Outlet. Following these closures, Prezzo will operate 97 locations, employing around 2,000 staff members.
Owned by private equity firm Cain International, Prezzo has faced numerous challenges, particularly from surging food costs, which reached a 45-year high last month. Dean Challenger, CEO of Prezzo, expressed his pride in the company’s ability to maintain its reputation for quality food and drink experiences during these difficult times.
However, Challenger acknowledged that the ongoing cost of living crisis, high inflation rates, and the evolving landscape of the high street have made it impossible for all Prezzo locations to remain profitable. He believes the tough decisions being made will help secure the brand’s future and allow them to continue offering Italian-inspired cuisine to their customers for years to come.
Prezzo had previously entered administration in late 2020 due to the devastating impact of the pandemic. The company was later acquired by its current private equity owners, Cain International. This latest announcement of closures comes two years after Prezzo shuttered 22 restaurants and eliminated 216 positions.
