Top Restaurant Groups Making a Loss
One third of the top 100 restaurant groups in the UK are making a loss. This is an increase of 75% on last year.
National accountancy group UHY Hacker Young has found that of the top 100 groups, 35 are making a loss - up from 20 last year.
This increase is being blamed on market oversaturation, as well as rising costs, after Prezzo, Byron, and Jamie's Italian have recently scaled back their sites and launched Company Voluntary Agreements.
"More than a third of the biggest companies in the restaurant sector are losing money, and there is little respite on the horizon." Said UHY Hacker Young partner Peter Kubik.
Kubik added that "Consumers only have a finite amount of spending power when it comes to eating out, and the oversaturation of the market means that groups that fall foul of changing trends can very easily fail."
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