— 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.
Chimichanga on Lincoln’s Brayford Pool is set to close.
TPG, a private equity group which owns both Prezzo and Chimichanga, has announced it will close a number of its venues across the UK, including Chimichanga in the city.
This is part of a move to try and save the company as it in debts of around £220 million.
As a result, all Chimichanga stores across the country will be closed, with a number of Prezzo restaurants also closing. However, it has been confirmed that all Lincolnshire Prezzo restaurants will remain open.
Owners TPG bought Prezzo, which owns Chimichanga, for £300 million in 2014.
Around 1,000 jobs across the UK will be lost, however it has been confirmed that where possible, staff will be deployed to other restaurants.
Consulting firm Alix Partners is currently putting together a company voluntary arrangement (CVA) for Prezzo, which will allow it to renegotiate the restaurant chain’s debts.