One of Prezzo's restaurants in Milton Keynes will not be reopening when lockdown restrictions are eased, it has been announced.
Prezzo at The Kingston Centre is one of the 22 restaurants that will be permanently closing across the UK as part of the chain's "rescue deal" caused by the COVID-19 pandemic.
These closures will affect hundreds of jobs nationwide, including several here in Milton Keynes.
Cain International, an investment firm that bought the company in December 2020, has said that this was a "difficult but essential" decision to save the majority of the company's workforce.
The company has been struggling financially due to pressures caused by COVID-19, and last week it was reported that the new owner of Prezzo was exploring whether to file for insolvency.
There are currently two Prezzo Restaurants in Milton Keynes, and one will remain open. The Mirror reports that the branch at MK1, by Stadium MK, has not been affected by the mass closures.
Jonathan Goldstein, CEO of Cain, said: "We firmly believe that strong hospitality businesses, such as Prezzo, have a bright future and will play an essential role in reviving the UK economy.
"However, to do so, we must get through this current crisis of mounting liabilities and no revenues.
"The lack of visibility on when and how the sector will reopen has heightened economic uncertainty to the point where decisive action had to be taken to secure the future of the business and the majority of jobs for Prezzo's people.
"We are deeply sorry for all those affected by the permanent closure of the 22 non-viable restaurants.
"It was a difficult, but essential, decision to take but doing so will allow us to save thousands of jobs and create more in the future."
