Mon, 05 Mar 2018
RESTAURANT chain Prezzo has announced it is shutting its Newbury branch within the next eight weeks.
The Cheap Street restaurant is one of 94 the company will be closing because it says they are not profitable.
Prezzo chief executive Jon Hendry-Pickup said: “Prezzo’s core business today 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.”
Prezzo has said it will try to redeploy staff where possible.
Mr Hendry-Pickup said: “We recognise this process will impact many of our team members and their families. We are committed to keeping them informed, and will be doing all we can to support them during this difficult time.”
Fellow Cheap Street restaurants Nawab and Lucky's have also closed recently. Italian chain Strada also shut its Market Place restaurant late last year.