A lot of restaurant owners experience cashflow problems at some stage of their career. If you’re currently in this situation, we can help you.
The sooner you deal with the problems the better it will be for you.
What are the causes of the problems for restaurant owners?
During the last recession the hospitality industry was one of the sectors which suffered most. The 2014/15 financial year saw 50% more restaurants going out of business than at the height of the financial crisis.
Restaurants are by their very nature ‘capital intensive’ businesses. This makes them extremely susceptible to unpredictable economic fluctuations. Eating out is often seen as an unnecessary expense when consumers need to tighten their purse strings. So this ‘luxury’ is often one of the first things to be stopped.
Even in the ‘good times’, there are considerable pressures for restaurant owners such as:
- increasing rents
- competition (including from investment-backed chains)
- a shortage of good, experienced staff (especially chefs)
- people increasingly cooking at home (inspired by a multitude of TV cooking programmes).
Specialist advice to sort out your problems
At Clarke Bell we can give you the specialist insolvency advice you need if your restaurant is having cashflow problems and can’t afford to pay its bills.
Contact us now (0161 907 4044 or [email protected]) for your FREE ADVICE.
We will discuss your situation and take an objective look at your business to determine the right option for you. There are a number of things you might want to do now:
- give yourself some ‘breathing space’ with your creditors (i.e. the people you owe money to)
- close your ‘problem restaurant’ and start a new one with “ReStart funding” – having learnt from your past experiences
- close your restaurant – so that you can concentrate on something else.
We will help you to decide what is best for you, whilst also fulfilling your legal obligations to all your creditors.
Contact us now (0161 907 4044 or [email protected]) for your FREE ADVICE.
A case study…
We helped a restaurant owner successfully deal with their cashflow problem. The old company was formally and legally closed down with a Creditors’ Voluntary Liquidation (CVL). A former employee then purchased the assets and was able to open a new restaurant…
Click here to read the full case study.
