Approval of Company Voluntary Arrangement Support for the Prezzo Transformation Plan
Prezzo announces that its creditors have overwhelmingly supported the Company Voluntary Arrangement ("CVA"). The successful outcome is a key milestone toward building a long term sustainable future for the company.
Jon Hendry-Pickup, CEO of Prezzo, said:
"I would like to thank our creditors and landlords for supporting our Transformation Plan. Whilst we continue to be profitable, the pressures on our industry have been well documented. Despite this being a tough decision, the support provided by our creditors shows that they believe we have the right approach to transforming Prezzo in the eyes of teams, customers and stakeholders. It has been a challenging time during the CVA process and I would like to thank our suppliers, colleagues and customers for their patience and support."
The 94 restaurants identified for closure under the CVA have now closed - staff were made aware of the dates as soon as they were confirmed. Every effort was made to redeploy those team members affected by the closures.