WOKINGHAM’S branches of Italian restaurant chain Prezzo are to close in a bid to improve the firm’s financial position.
Last week, staff at the Wokingham and Woodley branches were told of the plans by owners TPG Capital.
The private equity firm is closing 94 restaurants across the country, including 33 outlets of its TexMex chain Chimichanga, which had been due to open in The Lexicon last year, but was replaced by a branch of Prezzo. This will be one of 208 branches which will remain open.
Speaking to financial newspaper City AM, Jon Hendry-Pickup the CEO of Prezzo, said: “Prezzo’s core business today is fundamentally strong and has fantastic potential. However, the well-documented pressures on our industry mean a number of our restaurants are underperforming.
“While we continue to be profitable and cash-generative, our position is not sustainable, so we must take decisive action now to ensure we’re able to thrive in the future.”
The branch in Wokingham’s town centre is in Broad Street and will be one of a number hit by the current regeneration project. Its closure comes weeks after shoe shop Cara suddenly shut. Last autumn, Wetherspoon announced that it was also leaving Wokingham town centre, although it is intended that The Gig House will remain open under new management.
The Woodley branch is in the Crockhamwell Road shopping precinct and only opened 18 months ago.
Branches in Reading, Maidenhead and Windsor will remain open.
It is not yet known how many people will lose their jobs as the company is hoping to redeploy staff elsewhere in the business.
Closing dates for the restaurants have yet to be announced.