Insolvency in the Restaurant Industry
We are receiving a growing number of enquiries from restaurant owners with concerns about the solvency of their businesses. Alongside the high profile closures and restructuring of groups likes Jamie’s Italian, Prezzo and Byron are thousands of individual restaurant business facing similar problems albeit on a smaller scale. For many owners the overheads that looked manageable a year or two ago are disproportionately high compared to static (at best) turnover and higher costs of sales. Wherever possible we are advising the clients on how best to weather the storm, but in several cases a formal insolvency procedure has been necessary.