Last week it was announced that 22 restaurants and 216 jobs would be lost as Cain International bought the Italian restaurant chain back from administrators in a pre-pack deal to secure its future.
It took some time for a spokesperson to confirm that the Peterborough site would be staying open, but an application was made to the city council on February 12 to transfer the licence for the premises to Prezzo Trading Limited, as Prezzo Limited was in administration.
It has since been confirmed by Prezzo that the Cowgate restaurant will open when lockdown restrictions are lifted.
Cain International said that Prezzo restaurants have only been able to open for 25 of the past 52 weeks, but fixed costs and rent have accumulated.
Jonathan Goldstein, chief executive 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."