The demise of Ed’s Easy Diner in 2016 came as no surprise and we expect to see more restaurants failing.
Many of these restaurants have grown dramatically over the last 10 years or so, while interest rates were low, finance was cheap, food prices kept down and consumers have had a growing desire to eat out.
However things are changing and due to factors such as increased competition, rising rent and rate costs, increases in the national minimum wage (£7.50 per hour), rising food prices and consumers more and more turning to supermarket meal deals, restaurants are now struggling.
While over 200 new restaurants opened in London in the past year, 76 have closed.
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.
Redman Nichols Butler – celebrating 21 years in business