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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Useful Links to Further Information
- THE BRITISH INSTITUTE OF FACILITIES MANAGEMENT (BIFM)- Founded in 1993, BIFM is a professional body for facilities management, both individuals and organisations.
- FIRST POINT ASSESSMENT (FPAL)- Is a supplier management community supporting the European oil and gas industry.
- THE CHARTERED INSTITUTE OF ENVIRONMENTAL HEALTH (CIEH)- A charity that is the professional and leading voice for environmental and public health and safety.
- INSTITUTE OF HOSPITALITY- A professional membership group that provides support and information for those who work or study in the hospitality and tourism industries.
- FOOD STANDARD AGENCY (FSA)- The governmental department responsible for food safety and hygiene throughout the UK.
- THE UNIVERSITY CATERERS ORGANISATION (TUCO)- TUCO is a professional membership group for in-house caterers within the higher education sector, and is one of the leading organisations of its kind in the UK.
- BRITISH HOSPITALITY ASSOCIATION (BHA)- An agenda-setter and members organisation for the hospitality and tourism industry that helps to promote the interest of operators, brands and owners across the hospitality and tourism sectors.
- ROYAL SOCIETY FOR PUBLIC HEALTH (RSPH)- An independent and multi-disciplinary charity who’s mission is to improve public health and wellbeing.
- INTERNATIONAL FACILITY MANAGEMENT ASSOCIATION (IFMA)- An international association for facilities management professionals, supporting 24,000 members in 105 countries.
