It really is grim up North (West). Well, on the restaurant front anyway. Less than a month ago we carried news of two high-profile Manchester casualties. Now we hear that the new boutique hotel venture attached to the Yang Sing – the most famous restaurant in the north of England – is to close with immediate effect, after just over six months in business.
The proprietor of the famous Cantonese restaurant, Gerry Yeung, told Manchester Confidential that the problem was not so much filling the bedrooms as getting the right room-rate: “Even at 60% [utilisation] we’re discounting. In another economic time I believe we would have been fine, but we opened just as things start to get bad globally”
We suspect that there are parallels with the restaurant sector proper, which may be getting ‘bums on seats’, but not nearly as lucratively as has been the case in the recent past.
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