Exciting but challenging times in the restaurant industry. Are you ready?
The continued uncertainty of the Brexit process is having far reaching effects. Consumer confidence is low and the resulting belt tightening of consumers means non-essential items are bearing the brunt. Visa have quoted the worst year for consumer spending since 2012.
Restaurants have undoubtedly felt the effects. Byron have recently agreed a rescue plan with their lenders and landlords. Jamie Oliver’s restaurant Group is in the midst of a further round of closures.
The whole industry is under pressure.
Consumers are demanding more choice, at the same time as food prices and staff costs increase. People will always need to eat, and people will always love to eat out. The market is there, but it is changing.
Having clear direction and moving with the times is more important than ever.
We have helped a number of businesses in identifying causes and impacts of financial stress. Below are two recent case studies in the restaurant industry.
If you are thinking of a change in direction, whether that be due to debt pressure or simply considering the need to re-energise your business, we might just have the tools to help.
For further information please contact Lynn Gibson or one of the team on 01932 336149.