The beer manufacturer Heineken is cutting 8,000 jobs worldwide after a coronavirus-related decline in sales.
The Dutch giant was hit hard by the forced closings of pubs and clubs during the pandemic.
It came when the Prezzo restaurant chain was taken into management after no agreement was reached with the landlords on rent payments.
Private equity owner Cain International bought back most of the business immediately through a so-called pre-pack agreement.
2,900 jobs have been saved, but 22 restaurants will close with 216 layoffs.
Jonathan Goldstein, CEO of Cain International, said: “We firmly believe that strong hotel companies like Prezzo have a bright future and will play a vital role in revitalizing the UK economy.
“To do this, however, we have to cope with this current crisis of increasing liabilities and lack of revenue.”
Heineken boss Dolf van den Brink announced his big shake when the Amstel and Birra Moretti brewer posted a loss of nearly £ 180 million for 2020 due to the pandemic, after making a profit of £ 1.9 billion the previous year.
Sales declined 17% for the year after pubs, bars and restaurants closed their doors. The beer volume fell by 8.1%.
A spokeswoman for Heineken UK said: “The pub closings in March and subsequent restrictions, including at Christmas time, have had an impact on the volume of beer and cider sales for the year as a whole.
“While we saw an increase in volume in the off-trade, this could in no way offset the loss in volume in the on-trade.”
Heineken said fewer than 100 jobs could be expected in the UK.