Chimichanga restaurant in Telford's Southwater set to close
Diners in Telford are set to lose a popular restaurant after it was announced that Chimichanga located in Southwater is set to close.
The restaurant is one of 33 outlets in the Tex-Mex chain set for closure as part of a plan by Italian restaurant chain Prezzo to close about a third of its outlets.
The closures are an attempt to rescue the business which is owned by private equity firm TPG Capital and employs around 4,500 people.
Prezzo is closing 94 restaurants, including all 33 of its Chimichanga chain. It is not yet known if the Telford or Bridgnorth Prezzo restaurants are also under threat of closure.
The closures aim to repair Prezzo’s financial position and allow it to continue trading.
Prezzo has entered Company Voluntary Arrangement (CVA) which will allow it to cut some of its debts and enable it to continue trading.
The company was bought by TPG Capital in 2014 for just over £300m.
