Don’t be fooled. Just because the restaurant you are dining in is busy, it does not mean business is booming.
There is an “unusual dynamic” in the hospitality industry at the moment, according to CreditorWatch chief economist Anneke Thompson.Justin McManus“Being really busy is not necessarily a plus – the more customers you have, the more your costs are.”When restaurateur Mario Di Nardo established The European Hotel on the site of an “iconic and historic 1854 Melbourne landmark” in 2019, he sank $6 million into the development.
“I would love to continue but I can’t continue. I don’t have the energy or the capacity financially to continue at all.” “We are wanting to sell it to a great operator who’s got the capacity to take on a large venue that has a vision,” he said. “It’s a great opportunity for them because all the work’s done. The fitout is impeccable.”, second only to the 243 construction businesses put into insolvency, defined by the Australian Securities and Investments Commission as the first time a business enters external administration.
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