Will Prezzo in Peterborough reopen?

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Prezzo restaurants have only been able to operate for 25 weeks out of the past 52 due to lockdowns (Photo: Martyn Moore)

All of the chain's 178 restaurants are currently closed due to the national coronavirus lockdown.

Cain International, which only bought the Italian restaurant chain in December, has bought it back from administrators in a pre-pack deal to secure its future.

The owner said the action protects the vast majority of Prezzo’s 2,900 team members’ jobs.

Prezzo’s restaurants had been able to operate for just 25 weeks out of the past 52 weeks but has seen fixed costs and rent accumulate, Cain International said.

It is understood that the company filed for insolvency after failing to reach an agreement with landlords over rent payments.

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."

Peterborough Matters has contacted both Prezzo and Cain International for an update on the future of the Peterborough restaurant.