Italian restaurant chain Prezzo is to close 46 loss-making restaurants after being hit by rising energy and food costs.
The chain says around 810 workers are at risk of redundancy as part of the overhaul.
The cuts are part of a broader strategic review after being affected by record high utility bills and food inflation.
Following the shake-up, the hospitality chain is left with just 97 restaurants and around 2,000 members of staff.
The cuts are part of a broader strategic review after being hit hard by soaring energy and food costs
PA
It said the closures will impact some high street sites as its restaurants move towards those “in better locations to cater to changing consumer habits” such as shopping centres, retail parks and tourist destinations.
Prezzo said it will work to relocate “as many staff internally as possible” and will support others in new opportunities.
The group said costs have jumped over the past year, with its utility bills more than doubling and double-digit wage inflation.
It has also been impacted by food inflation after seeing a 40 per cent increase in the cost of spaghetti, 28 per cent surge for pizza sauce and 15 per cent rise in the cost of its dough balls.
Staff were told about the decision on Monday morning, with a consultation process launched.
Chief executive of Prezzo, Dean Challenger said: “The last three years have been some of the hardest times I have ever seen for the high street and I’m extremely proud of the way our colleagues have retained Prezzo’s position as an appealing, trusted, great value food and drink experience.
“But the reality is that the cost-of-living crisis, the changing face of the high street and soaring inflation has made it impossible to keep all our restaurants operating profitably.
“We believe the tough decisions we are making today will ensure Prezzo can continue serving communities with high-quality, accessible Italian-inspired meals for many more years to come.”
Staff were told about the closures on Monday morning
PA
The firm previously fell into administration in 2020 following heavy impact of the pandemic, before bought by current private equity owners Cain International.
This closure plan comes two years after the group previously shut 22 restaurants and slashed 216 jobs.
The full list of Prezzo restaurants closing includes: Beccles, Billericay, Bolton, Borehamwood, Boston, Bracknell, Brentwood, Buckhurst Hill, Buckingham, Chichester, Chingford, Colchester, Corby, Didcot, Eastbourne, Egham, Eltham, Ely, Epsom, Fleet, Glasgow, St Vincent Place, Hailsham, Harpenden, Livingston, Lyndhurst, Maidstone, Mere Green, Mill Hill, Oxford, Plymouth, Redditch, Redhill, Rugby, Shepperton, Shirley, Sidcup, St Neots, Stowmarket, Tenterden, Tunbridge Wells, Weybridge, Whitstable, Wickford, Wimborne, Winchester, Woodford Green.