Prezzo is expected to close a third of its outlets via a company voluntary arrangement

Prezzo, the Italian restaurant chain, is expected to close as many as 100 outlets as part of a restructuring, putting up to 1,500 jobs under threat.

TPG, its US private equity backer, is tipped to cut the company’s estate from almost 300 restaurants to about 200 by means of a company voluntary arrangement early next week to be handled by Alix Partners, the restructuring specialist.

Prezzo would become only the latest casual dining chain to use a CVA to secure its future in response to soaring costs and restaurant oversupply, following in the footsteps of Byron, the posh burger chain, and Jamie’s Italian.

Although CVAs are an insolvency procedure, they enable companies to stave off administration by gaining approval from landlords to take back loss-making