As the UK negotiates a deal for Brexit with Europe, this could have a negative effect on the restaurant trade. Recent reports suggest that as a result of the weak pound and incomes that are generally not increasing, it could result in UK restaurants having a 30% chance of entering into some form of insolvency.
This is mainly attributed to the fact that the UK imports almost half of all of its food and the weakening pound, therefore, creates greater costs for the restaurant trade. The recent introduction of the national living wage has further contributed to the costs of food outlets.
If you feel your business is struggling, a free consultation with one of our experienced practitioners may be appropriate. Please contact us.