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High Profile Restaurants Feeling The Effects of Brexit
17 March 2017
Category Industry Sectors

With small, independent restaurants worried about the impact of Brexit on their business, it seems high profile restaurants are not immune to the fallout.

Jamie Oliver for example, has been in the press about closing six of his Jamie’s Italian restaurants in the UK. The closure comes after a period of tough trading following the UK’s decision to leave the EU.

The closures of the restaurants in London, Richmond and Ludgate Hill, will be finalised by the end of March and Mr Olivier has announced that he will be looking to find the affected employees work in other Jamie’s Italian restaurants. The other closures are in Aberdeen, Cheltenham, Exeter, Tunbridge Wells and 120 employees will be affected by the six closures.

Chief executive Simon Blagden said in a statement that the entire market was experiencing a “tough time” post-Brexit. And outlined that staff costs, lower footfall and an increased cost of buying ingredients from Italy (due to a collapse of the pound) had been factors in the closure.

He said: “Because we refuse to compromise on the quality and provenance of our ingredients and our commitment to training and developing our staff, we need restaurants that can serve an average of 3,000 covers every week to be sustainable.”

But it’s not just Jamie Oliver’s restaurants that face closure. Property agent Cedar Dean Group has issued a warning than many of central London’s most loved restaurants could close their doors due to increases in business rates and rent.

Here at Clarke Bell, we provide comprehensive insolvency advice for restaurants and the hospitality sector, helping restaurant owners who are experiencing cashflow problems.

There is a range of options available to you if your restaurant is struggling.

For your free, initial advice contact us on 0161 907 4044 or [email protected]

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If you are worried about your business or just want a (free) no obligation chat, contact Clarke Bell on 0161 907 4044 or [email protected] today. Our Licensed Insolvency Practitioners will provide you with the best professional advice for your situation.

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