Restaurants begin to feel the crunch
Hospitality sector hit hard by the credit crunch as several high-profile restaurateurs are feeling the pinch
Celebrity TV chef Antony Worrall Thompson had to use his own savings to keep
two of his six restaurants afloat after his chain fell into administration. He
said his bank had refused funding even though most of his restaurants were
profitable. BHG Chartered Accountants is understood to have been appointed
administrator. ‘The first quarter of the year is always a hard one in the
hospitality business and with 2009 set to be an even tougher one, additional
funding was required to ease our continuing cash flow issues.’ Four restaurants
have closed – the Notting Grill in west London, the Lamb Inn and the
Greyhound, both near Henley-on-Thames, and the Barnes Grill in south-west London
– with the loss of about 60 jobs.
Michelin-starred chef Tom Aikens was also forced to put his restaurants into
administration last October.
Tom’s Kitchen and Tom Aikens were placed in the hands of private investors after
a management buyout.