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Just one Prezzo restaurant in Norfolk and Waveney to close as part of restructure

PUBLISHED: 08:44 05 March 2018 | UPDATED: 08:29 06 March 2018

Prezzo, which also owns Tex-Mex chain Chimichanga, is reportedly considering a restructuring plan which could see it close as many as 100 sites. Picture: Bethany Whymark

Prezzo, which also owns Tex-Mex chain Chimichanga, is reportedly considering a restructuring plan which could see it close as many as 100 sites. Picture: Bethany Whymark

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A Norwich restaurant is set to close as its parent company launches a restructure amid tough conditions for the industry.

Italian chain Prezzo has revealed it is closing its eatery in Thorpe Road as part of a company voluntary arrangement (CVA) – a method to reduce debts of a struggling company.

The brand’s restaurant in Tombland will be unaffected by the closure as will sites in Dereham, King’s Lynn and Beccles.

READ: Why are restaurants struggling in Norfolk?

A company spokesman said the group would try to redeploy staff to other restaurants where possible with the CVA due to go to creditors for approval on March 23.

Jon Hendry-Pickup, chief executive of Prezzo, said: “Prezzo’s core business 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 news follows a tough week for the high street which saw retailers Toys R Us and Maplin enter administration.

Rising food prices, rents and business rates have put pressure on the food industry and led many firms to struggle.

Chains Jamie’s Italian and Byron have both entered CVAs and closed stores in recent weeks.

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