By Denis Sheehan MIH, Publisher, H&C News: D&D London announce closures hot on the heels of reduced government energy support.
Following yesterday’s announcement by Chancellor Jeremy Hunt confirming government are set to reduce energy support for businesses beyond March, D&D London announced a number of high profile restaurant closures.
The restaurant group statement said: “Like many other businesses in the hospitality sector, we continue to strategically review our portfolio and such a decision is a result of the current economic challenges including spiralling utility, food and beverage costs and the unstable labour market.”
Avenue in London, St James, Radici in London, Islington, Mazzei, East 59th in Leeds, and Kosterhaus in Bristol are all now closed.
The latest trading report from D&D London in August 2022 showed company earnings up by 22% in a 15 month trading period since reopening its restaurants post-lockdown.
D&D London is one of the most respected restaurant groups in the UK, with 45 restaurants, bars, and one hotel across London, Manchester, Leeds, Bristol as well as New York and Paris.
The timing of the two events could be seen as a bellwether as doubtless the D&D London management and financial team would not have reacted so quickly to the government’s announcement unless key benchmarks in the economy were met.
In the statement D&D said the group will try to find alternative positions for their team members at the restaurants closing. In the current hospitality and catering job market this will prove one of their easier tasks.