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Chimichanga in Chester could close with other Prezzo-owned restaurants at risk

Outlets at Chester, Cheshire Oaks and Broughton Shopping Park on danger list

Chimichanga in Pepper Street, Chester

There is speculation another restaurant chain is in trouble casting doubt over the future of outlets in Chester, Cheshire Oaks and Broughton Shopping Park.

Sky News is reporting a third of the 300 Prezzo-owned restaurants look set to shut, including all branches of the Tex-Mex Chimichanga brand nationwide.

There are Prezzo restaurants at Cheshire Oaks and Broughton Shopping Park, which specialise in Italian cuisine, as well as a Chimichanga within Chester’s Pepper Street dining quarter which only opened two-and-a-half years ago.

Chimichanga in Pepper Steet, Chester

Sky News understands Prezzo, which is owned by the private equity firm TPG Capital, is preparing to launch a Company Voluntary Arrangement (CVA) to repay debts to creditors tied in with a radical restructure.

The company is ‘not offering any comment’ at the moment but there are fears hundreds of jobs could be at risk.

Prezzo is the latest national chain to find itself in trouble.

Prezzo at Broughton Park

Retailers and casual dining chains have been hit by rising costs such as the National Living Wage and Apprenticeship Levy, online shopping and meal delivery services.

Celebrity chef Jamie Oliver is closing 12 of his restaurants, also through a CVA, in a move that will involve the loss of at least 200 jobs.

His upmarket Barbecoa steakhouse business in London has gone into administration.

Meanwhile, Toys R Us and electronics chain Maplin have also collapsed into administration, putting 5,500 UK jobs at risk.

Toys R Us Chester

Administrators have been appointed to begin ‘an orderly wind-down’ of the UK’s biggest toy retailer following the failure to find a buyer and all 105 Toys R Us store, which includes one at Chester Retail Park and another at Broughton Shopping Park, will remain open until further notice.

Maplin, which has stores on Chester Retail Park and the Coliseum at Cheshire Oaks, has also confirmed it has called in the administrators after talks with potential buyers failed to secure a sale.

Maplin, which has more than 200 stores and 2,500 staff, will continue to trade through the process.

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