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Relief as Prezzo bosses reprieve city restaurant Posted On 19 February 2021

Closure fears eased as Cowgate branch is not on new owners’ hit list

 

The restaurant-going public in Peterborough heaved a collective sigh of relief this week when it was revealed one of the city’s popular haunts had been reprieved.

Prezzo in Cowgate had been living under the threat of closure after its parent company went into administration.

However, new owners Cain International have announced the city centre eaterie was not one of the 22 they were forced to close – with the expected loss of around 216 jobs – as part of the pre-pack rescue package to secure the Italian restaurant chain’s future.

And that was further confirmed when an application was made to Peterborough City Council to transfer the licence from Prezzo Ltd to Prezzo Trading Ltd. It is now expected to re-open when the current lockdown restrictions are lifted.

Explaining their decision for the closures, Cain International said Prezzo restaurants had only been able to open for 25 of the past 52 weeks because of the COVID-19 pandemic, but fixed costs such as rent had steadily accumulated.

In a statement, their chief executive Jonathan Goldstein said: “We firmly believe that strong hospitality businesses, such as Prezzo, have a bright future and will play an essential role in reviving the UK economy.

“However, to do so, we must get through this current crisis of mounting liabilities and no revenues.

“The lack of visibility on when and how the sector will reopen has heightened economic uncertainty to the point where decisive action had to be taken to secure the future of the business and the majority of jobs for Prezzo’s people.

“We are deeply sorry for all those affected by the permanent closure of the 22 non-viable restaurants.

“It was a difficult, but essential, decision to take, but doing so will allow us to save thousands of jobs and create more in the future.”

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