Prezzo in Stamford set to close

The Italian restaurant chain Prezzo has announced it is to close one third of its restaurants, including the Stamford branch.

Prezzo has entered a restructuring arrangement known as a company voluntary arrangement (CVA) - a step short away from going into administration - and the CVA documents show it owes secured creditors including Barclays Bank and the Royal Bank of Scotland £154m, while unsecured creditors are owed £65.7m. Directors blamed the company’s financial woes on the significant increase in costs in wages and business rates, and ‘difficult trading conditions’. The move means the Stamford branch in All Saints place is earmarked for closure.