The fall in the value of sterling is threatening thousands of UK restaurants, which are at risk of going out of business in the next three years.
Recent research shows that over 5,500 restaurant businesses have at least a 30 per cent chance of going insolvent as a result of the rising costs of imported food and the impending reduction in consumer spending.
Adding to pressures on the restaurant industry, margins have also been impacted by the increase in the national living wage which was lifted from £6.70 per hour to £7.20 per hour in April 2016.
At Beavis Morgan, we have extensive experience of working with clients in the hospitality sector and our professionals are acknowledged experts in issues affecting pubs, bars and restaurants.
Through our partner businesses, BM Structured Finance and BM Advisory, we are able to help with sourcing and restructuring debt finance for SME businesses, as well as assisting with resolving issues which can impact on business performance and success, and finding innovative solutions for businesses and individuals in distress.
Contact Matthew Burge or your usual Beavis Morgan Partner for further information about how we can assist you and your hospitality business.