Cain Worldwide, which only acquired the chain in December, has purchased it back from directors in a pre-pack deal to protected its foreseeable future.
The operator mentioned the motion shields the huge the greater part of Prezzo’s 2,900 staff members’ work opportunities.
All of the chain’s 178 places to eat are now closed to shoppers in the face of the latest nationwide coronavirus lockdown.
Prezzo’s dining establishments had been able to function for just 25 weeks out of the earlier 52 months but has found set charges and lease accumulate, Cain Intercontinental reported.
It is recognized that the corporation filed for insolvency soon after failing to attain an agreement with landlords above lease payments.
Jonathan Goldstein, main govt of Cain, mentioned: “We firmly imagine that robust hospitality businesses, these types of as Prezzo, have a brilliant foreseeable future and will play an critical function in reviving the Uk overall economy.
“However, to do so, we will have to get by this present-day crisis of mounting liabilities and no revenues.
“The absence of visibility on when and how the sector will reopen has heightened financial uncertainty to the place the place decisive motion had to be taken to safe the long run of the enterprise and the majority of employment for Prezzo’s folks.
“We are deeply sorry for all those afflicted by the long-lasting closure of the 22 non-viable dining establishments.
“It was a challenging, but crucial, conclusion to choose but accomplishing so will permit us to conserve 1000’s of careers and build far more in the upcoming.”
Before this week, Sky Information documented the operator was checking out possibilities to safe its future, which includes a possible insolvency, with advisors at FTI consulting.
In December, Prezzo was sold to Cain as a likely worry by preceding private equity owners TPG following it was amongst informal eating chains battered by the pandemic.
The worth of the sale was not disclosed but arrived six decades right after TPG acquired the chain for more than £300 million.