Rising costs of ingredients, hiring difficulties, and a weakening of demand for dining out are just a few of the factors contributing to a wave of restaurant closures in the U.K.
in a brief public statement. But you couldn’t blame Kwarteng, or Truss, for the spate of recent restaurant closures. They had been in their posts for only a matter of weeks. A chronic vulnerability seemed to have incubated.
In 2022, running the restaurant became a struggle. Some ingredients became wildly expensive. The price of cooking oil, Humphreys said, quadrupled in a few months. He remembers calling his fish supplier to say that he had made a mistake about the price of sea bass. The supplier told him there was no mistake; the price was correct. The following week, the price went up again.
Many restaurants cited staffing problems. They struggled to find cooks and waiters—and, when they did, the staff was more expensive. Hussein Ahmad, the director of Viewpoint Partners, a restaurant-accountancy firm, told me that. The labor shortfall has pushed wages up, and made it difficult to fill positions. Ahmad used to advise his clients to keep staffing costs at around thirty per cent of their net revenue.
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