This was the bleak headline in The Daily Telegraph recently, prompted by the 19% increase in the number of restaurants going out of business in 2011 compared to 2010.
The problems for restaurant owners included fewer customers, the rise in the minimum wage, higher food costs and the VAT increase. The prospects for this year are not much better.
- Faced with lots of bills and not sure who to pay first? Should it be your landlord? Or the Revenue? Or your suppliers? Or you?
- Thinking of putting more money into the business? (Don’t fall into the trap of putting good money after bad.)
- Already in an Arrangement plan (e.g. a CVA), but it’s not going as well as you had hoped?
- Looking to expand ~ perhaps by buying another restaurant?
If you would like advice on these, or similar issues, give us a call on 0161 907 4044.
Click here to see how we helped a restaurateur to deal with his cashflow problems ~ including addressing the issues relating to his Personal Guarantees.
We can work with you and your Accountant / Business Advisor, to find the best option for you and your business.
To discuss your options in a free consultation, call 0161 907 4044 or use our Contact Form.