RESTAURANT and pub chains across the country are set to close more sites for good, with a dozen venues disappearing every day.
Soaring energy bills and high inflation are to blame for the rise in firms shutting up shop, according to new figures.
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Just under 4,600 premises closed over the year to March say the industry experts at consumer research brands CGA by NIQ and AlixPartners.
The new data shows that 12 sites have shut each day since March 2022.
It comes after big name brands including Prezzo, Wetherspoons and Frankie & Benny’s have announced plans for closures.
Italian dining chain Prezzo revealed plans to shut 46 restaurants just last week as a result of soaring energy and food costs, putting 810 jobs at risk.
While Wetherspoons initially announced plans to close 32 pubs back in September, before announcing further closures in November.
The Restaurant Group (TRG) revealed it will be shutting dozens of its loss-making restaurants over the next two years, in an effort to boost earnings.
It will cut the number of Frankie & Benny’s and Chiquito restaurants by around 30% over the next two years.
The Sun has so far spotted three Frankie & Benny’s restaurants listed for sale by estate agents Savills.
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Meanwhile, pub giant Stonegate, which is behind brands such as Slug and Lettuce and Be At One, is said to be looking to sell off 1,000 pubs to pay down its debt pile.
Karl Chessell, CGA by NIQ’s director for hospitality operators and food, said: “Each of the 4,593 closures over the last 12 months represents a sad loss of jobs and the permanent withdrawal of a community asset.”
The overall figures showed that 756 venues shut in the first three months of 2023.
Although this represented a slowdown in the recent rate of closures. It was the equivalent to eight closures each day.
It comes after several chains have already pulled down the shutters on sites over the past few months.
Byron Burger announced it was closing nine restaurants after falling into administration in January.
Wetherspoons has already closed 14 of its pubs since they went up for sale.
Here is the full list of brands that have closed or announced closures recently:
- Prezzo
- Frankie & Benny’s
- Stonegate pubs
- Byron Burger
- Wetherspoons
- Chiquito
The recent closures and announcements come after a tumultuous few years for the hospitality industry.
Chains that were attempting to recover from the losses made during the pandemic have since been met with the current cost of living crisis, which has been taking its toll across all industries.
Further popular chains including Las Iguanas, Cafe Rouge and Bella Italia also fell victim to the pandemic.
Soaring inflation is heaping further pressure on businesses.
Retail and bank brands have also been feeling the pinch, with hundreds of locations shutting this month alone.
If you want to know more about store closures, you can read our full list of high street chains closing for good this year.
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