Profits at the UK’s top 100 restaurant groups have fallen 64 per cent over the past year, from ￡345m to ￡125m, according to research by accountancy group UHY Hacker Young.
Thirty-five of these chains are lossmaking — marking a 75 per cent increase compared with last year — as the restaurant sector struggles to cope with market saturation, rising costs and falling consumer confidence.
“The restaurant industry has grown ahead of demand in recent years and is now going through a necessary period of consolidation and restricting to remove excess capacity,” said Peter Kubik, partner at UHY Hacker Young.
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