Prezzo bosses make decision on future of Milton Keynes branches
Prezzo has revealed the future of its branches in Milton Keynes after the company hit financial difficulties.
The Italian restaurant chain is set to enter a Company Voluntary Agreement (CVA), which will see the closure of 94 restaurants across the chain’s brand.
The branches at Kingston and Stadium MK are listed as category 1 leases.
This means Prezzo is planning on keeping them open, as they are profitable at the current level of rent.
Sites that are planned for closure are listed as Category 4 leases - including the branch in the Xscape complex.
Unless a new lease in entered into, the branch will close in 12 months.
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.”
Also by the Milton Keynes Citizen newspaper: