All Lincolnshire Prezzo restaurants to survive company downsizing

The Prezzo restaurant in Lincoln on Brayford Pool, as well as the outlets in Boston, Gainsborough and Spalding will remain open as the company is shutting 94 locations in a bid to survive.

The news comes after multiple national reports on Monday named Prezzo Lincoln as one of the venues the company was planning to close in a bid to avoid liquidation.

The Lincolnite also reported this morning the closure of Lincoln Prezzo, which will now not go ahead.

As part of the same move, all 33 Chimichanga restaurants will close. The Lincoln Chimichanga restaurant will close as well.

Private equity group TPG is restructuring the group in a bid to avoid liquidation. 94 out of a total of 300 Prezzo restaurants will close, including 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.