Prezzo restaurant chain to close a third of its UK branches

1,000 jobs at risk as Italian food outlet seeks company voluntary arrangement to reduce rents

The Italian restaurant chain Prezzo is to close a third of its 300 UK branches, putting about 1,000 jobs at risk, the latest victim of the casual dining crunch.

The chain, owned by the US private equity group TPG Capital, hopes to engineer a turnaround plan echoing steps taken by the burger chain Byron and Jamie’s Italian to keep themselves afloat.