Lincoln Chimichanga restaurant set to close

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— Note: An earlier version of this story said the Lincoln Prezzo will close according to multiple reports. The company later confirmed directly only one of its Lincoln restaurants will close — Chimichanga.

The Chimichanga restaurant in Lincoln on Brayford Pool is set to close as the chain business is struggling to survive.

Private equity group TPG is restructuring the group in a bid to avoid liquidation. This means 94 out of a total of 300 Prezzo restaurants will close, as well as all 33 Chimichanga outlets.

The restaurant chain owes banks and suppliers almost £220 million.

Company directors blamed a significant increase in business costs from wages and business rates, as well as difficult trading conditions, according to The Telegraph.

Last week Toys R Us and Maplin also slipped into administration, putting the Lincoln stores and three other Lincolnshire outlets at risk of closure.