ICSM Business News: hospitality takes a bigger hit now than during Covid with businesses going bust at a faster rate - and even Wetherspoons are selling some of their pubs
By Harry Mottram: Figures released by advisory firm Mazars show there’s been a 59% increase in restaurants shutting up shop and switching off the lights.
They said that over the past year the numbers of restaurants going bust had gone from 984 in 2020/21 to 1,567 in 2021/22.
Rebecca Dacre, partner at Mazars, said: “Insolvencies of restaurant businesses are now happening at a far faster rate than during Covid. It is a very toxic mix of rising input costs, sharply rising finance costs and weak demand. Most restauranteurs have not seen this combination of negative factors before.”
Ian Carrotte of ICSM said the numbers were very depressing and cited servicing debt, plus a hike in energy costs and a squeeze on customers’ incomes had all been behind the increase in closures.
Other factors recorded by Mazars were restaurants being hit by shortages of staff, particularly for skilled roles such as chefs while in the past three months 453 businesses had gone west – up from the previous quarter.
The state of the economy and a combination of Brexit and labour shortages have even force Wetherspoons to sell some of their pubs and restaurants. With a debt mountain of an estimated £50 million the comapny that owns hundreds of pub restaurants across the country has put a further 32 pubs up for sale. It seems no business is immune to the pressures that come from a shrinking economy.
Below are a number of recent closures listed by ICSM:
HOSPITALITY
ADMINISTRATORS APPOINTMENTS
BOUJEE RESTAURANT AND BAR LIMITED 12905642
SWEET BROTHERS EVENTS LIMITED 11417534
COMPULSORY LIQUIDATORS APPOINTED S 136
CHESHIRE TAVERNS LIMITED 05371694
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
DAWN INNS LTD 12860986
FRONTIER INNS LTD 13249911
INDO RESTAURANT LTD 12152900
JUST THAI RESTAURANT LTD 10447472
JUST COACH TRAVEL LTD 12208190
KIDS CREATIONS LIMITED 11792358
LANDMARK INNS LIMITED 03491590
MARY INDIAN DINING LTD 12963301
MOGAL-E-AZAM RESTAURANT LIMITED 10735935
MORE RESTAURANTS LIMITED 07615805
PESHAWAR GRILL LTD 12192765
TGR BAR & RESTAURANT LTD 11882757
THE DUSTY MILLER PUBLIC HOUSE AND RESTAURANT LTD 09627025
THE GLASTONBURY HOTEL LIMITED 05448154
TOWNHOUSE RESTAURANT & CATERING LTD 11841731
UNIVERSAL PIZZA LTD 12318956
WESTCLIFF PIZZA LTD 11964711
WILLIAMS BARS AND COUNTERS LIMITED 10817687
LIQUIDATORS APPOINTED
BABY PIGEON LIMITED 12747123
BLACK G INNS LIMITED 10752137
BONGO BRASSERIE LIMITED 12378235
BRUTON RESTAURANT LTD 13028476
D M TRAVEL LIMITED 12305831
FORESTERS ARMS CARLTON LIMITED 09689282
GAYTIME TRAVEL INTERNATIONAL LIMITED 06093378
GRAND COACHES LTD 10887122
GPS HOSPITALITY & EVENTS LIMITED 12503564
IN DEMAND EVENTS LTD 09796519
ITALIANS CLUBHOUSE LTD 10226861
JUST COACH TRAVEL LTD 12208190
JUST THAI RESTAURANT LTD 10447472
KIDS CREATIONS LIMITED 11792358
LITTLE COOKS CO LTD 10534954
LIVE HOLIDAYS LTD 04429799
OAKWOOD TAVERNS LTD 09813186
THE WELCOME HOME PUB COMPANY LTD 12736499
TOTAL EVENTS MANAGEMENT LIMITED 11731119
UK CREATIVE FOOD AND HOSPITALITY LTD 10610579
MEMBERS VOLUNTARY LIQUIDATIONS
HOSPITALITY & LEISURE CONCEPTS LIMITED 09194672
MERIDIAN POINT HOTEL LIMITED 04456802
QBIC HOTELS LIMITED 07992488
PETITIONS TO WIND UP
BOUJEE RESTAURANT AND BAR LIMITED 12905642
SEVEN CONTINENTS HOTELS AND RESORTS LIMITED 11896097
WINDING UP ORDERS
ENISH RESTAURANT & BAR LIMITED 08260444
FINGLE GLEN GOLF HOTEL LIMITED 10283817
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ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
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ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.
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For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk