Since June 2018, more than 1,400 restaurants in the U.K. have closed, reports The Guardian. The “casual dining crunch” has led to decreased customer presence at chain restaurants like Byron, Gourmet Burger Kitchen, and Strada.
Accountancy firm UHY Hacker Young says the number of restaurants that fell into insolvency in the year ending in June 2019 increased by 25 percent since the year prior, the highest number since at least 2014. “Good restaurants and bad have all struggled from overcapacity, weak consumer spending and surging costs,” says Peter Kubik, a partner at UHY Hacker Young. “Having a loyal following is great but if that loyal following stops going out then you have a problem. The number of restaurants whose sales are at or near capacity is pretty small – they’re the exception.” Full Story
Related: Deliveroo Aims to Install Virtual Kitchens Internationally; Foodservice Sales Grow 4 Percent.
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