The number of jobs lost across the restaurant and casual dining sector so far this year is already nearly double the amount shed during the whole of 2019, with experts fearing that the worst is yet to come.
Figures compiled by the Centre for Retail Research show, so far this year during 2020, a total 22,039 jobs were lost across large restaurant groups and independent operators up 95.4% on the 11,280 jobs lost during the whole of 2019.
Carluccio’s, the Casual Dining Group, Bistrot Pierre and Byron all went into administration to close stores and reduce rents. Others, such as The Restaurant Group and Pizza Express, are using CVAs to reduce their costs and escape from unprofitable outlets.
Professor Joshua Bamfield, director of the Centre for Retail Research, said he expects more pain ahead.
“The sector was already in severe difficulties before the pandemic as a result of rapid over-expansion fuelled by private equity acquisitions with the enforced lockdown serving to starve operators of revenue bringing restaurateurs now to their knees.”
The Centre for Retail Research said that the total number of restaurants and casual dining outlets closed so far this year has reached 1,467 already, almost 60% more than the total 922 closed during 2019.