Restaurant chain with eateries in Sheffield set to 'close a third of outlets'

Prezzo.
Prezzo.

The restaurant chain Prezzo - which has two eateries in Sheffield - is reportedly planning to close up to a third of its outlets across the UK putting hundreds of jobs at risk.

National news outlets claimed the closure plan will affect roughly 100 Prezzo-owned outlets and involve the complete closure of its Tex-Mex chain Chimichanga.

It is understood the firm, owned by the private equity firm TPG Capital, is preparing to launch a company voluntary arrangement in the coming days in order to push through the radical overhaul.

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It is thought several hundred jobs could be lost as a result of the restructuring deal.

READ MORE: Uncertain future for South Yorkshire-based company that employs 2500 people
This is the latest blow for the British High Street as Maplin and Toys R Us, which have shops in South Yorkshire, both announced today that they have gone into administration putting thousands of jobs at risk.

Prezzo has two eateries in the city, one in Ecclesall Road and another at Valley Centertainment.

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The chain has not commented on the reports publicly. We have contacted the firm for comment and are awaiting a reply.