D&D London To Close Restaurants As Hospitality Hit By Spiralling Costs
Restaurant group D&D London has announced a number of high-profile restaurant closures and laid the blame on “spiralling costs”.
All four sites are expected to cease trading at some point in January, with Kosterhaus already closed, the The Evening Standard reported.
The news came just 24 hours after Chancellor Jeremy Hunt confirmed that he will announce plans to reduce energy support for businesses in the Commons, claiming the current deal was “unsustainably expensive”.
The Chancellor has said that a package providing support at a “lower level” than current measures would be available to them beyond March, as he promised to avoid a “cliff edge” in curtailing the subsidy.
“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,” D&D said in a statement.
Founded in 2007, D&D London is one of the most established restaurant groups in the UK, with a portfolio of 45 restaurants, bars and one hotel across London, Manchester, Leeds and Bristol as well as New York and Paris.
In its most recent trading report in August 2022, D&D London said company earnings were up by 22% in a 15-month trading period after reopening its restaurants post-lockdown.
However, as recently as November there had been speculation that as many as seven sites could be up for sale or review.
In its statement, D&D said the group would try to find alternative positions for the team members at the restaurants that are closing and maintained that its other restaurants continued to trade well.