UKRestaurants News & Analysis
3 articles
Market Mood
YouGov Report: 33% of Brits Cut Back Dining Out Amid Costs
According to YouGov's latest Dining Out report, over a third of Brits (33%) are reducing their restaurant visits due to high living costs. Restaurateurs are facing increased expenses from food, energy, wages, and taxes, prompting price hikes. In response, many eateries are implementing promotional incentives such as loyalty programs and discounts during off-peak hours. This shift reflects consumer behavior changes and could impact restaurants' revenue and overall market dynamics.
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Las Iguanas Faces Bankruptcy Amid 35% Rise in Costs
Las Iguanas, operating 47 restaurants in the UK, is facing bankruptcy due to rising costs, including a reported 35% increase in labor and food costs since the pandemic. The company has fallen into financial difficulties, with warnings that it may run out of funding to continue trading if a restructuring plan is not approved. A court meeting is scheduled for May 28 to discuss the plan, which aims to avoid administration, the U.K. equivalent of bankruptcy. Justice Hildyard has approved creditor meetings to vote on the restructuring plan, with final sanction set for June 5, highlighting the urgent nature of the situation.
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The Real Greek Faces Closure Amid Cost Pressures in UK Market
The Real Greek, a restaurant chain with 28 outlets in the UK, may close due to unsustainable business conditions, according to its parent company The Fulham Shore. Toridoll, which owns The Fulham Shore, plans to appoint administrators, noting that The Real Greek has been harder hit by economic pressures than its other chain, Franco Manca. The hospitality sector in the UK faces challenges from rising business rates, energy, and labor costs, exacerbated by high inflation. A potential buyer, the Karali Group, has shown interest in acquiring some of the restaurants.
Read More: The Real Greek Faces Closure Amid Cost Pressures in UK Market