Nearly half of the of the UK’s Top 100 restaurant groups are now loss making, according to accountancy group UHY Hacker Young.
New figures published by the firm reveal that the top 100 restaurants made a loss of £82m in the last year, down from a pre-tax profit of £102m twelve months ago.
Of the UK’s Top 100 restaurant groups, 48 are now in the red, up from 37 last year.
The huge loss in profits has been caused by a number of restaurant chains’ going through radical restructuring in order to shut loss-making branches, says UHY Hacker-Young.
Those restructuring costs have incurred ‘dramatic’ short-term cash costs such as funding staff reduncancies, exiting tenancy agreements and terminating contracts with suppliers…
Click link below for full story…
Source: Big Hospitality