The casual dining sector has had its’ own problems too! The rapid growth of mid-market ‘chains’ in recent years, has saturated the market, particularly in town and city centres, which has meant that it’s become even more difficult for independent restaurants and eateries to compete and survive.
As with the pub/bar sector rising rent & business rates, VAT increases and lower disposable income have all impacted on the restaurant sector. Additionally, it has had to deal with and overcome Brexit ‘uncertainty’ and related staffing issues. The restaurant sector has seen a 25% increase (to June 2020) in insolvencies on the previous year. Only restaurants with strong brand loyalty and a differentiated offering are doing well considering the situation.
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Download our CVA Guide for pubs and restaurants
If you need to liquidate as you do not wish to continue then read our guide to liquidation
We even have a full worried directors guide that covers all aspects of turnaround and insolvency and includes tips on how to improve your business’s finances
If the company does not owe much money to creditors then it might be worth considering dissolution. Get our pack and guides to make it hassle-free