Prezzo bosses make decision on future of Hemel Hempstead and Tring branches

Prezzo has revealed the future of its branches in Hemel Hempstead and Tring after the company hit financial difficulties.

Thursday, 8th March 2018, 9:14 am
Updated Thursday, 8th March 2018, 10:19 am
Prezzo has 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.

And the restaurant's branches in both Hemel Hempstead and Tring are set to remain open.

While the Jarman Park restaurant is not profitable at the current rent, it would be profitable with a rent reduction of 25 per cent. The Hemel branch is set therefore for a rent reduction of 25 per cent, which is to be applied for 24 months

And the restaurant on Tring High Street is profitable at the current rent, so will be kept without rent reduction with monthly rent payments for 24 months.

It spells good news therefore for Dacorum fans of the food chain.

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.”