London’s Waka Set to Close

The Peruvian-Japanese restaurant Waka is set to close its flagship London eatery having only opened a few short months ago. The casual dining option is currently located in the city but has decided to relocate to a new location following a string of issues they have encountered since opening. One of the major factors that have to lead to the restaurant’s closing to a massive flood which caused a significant amount of damage to the premises. Waka’s second location White City Place is said to be going well and there are plans to have a second location in the city opening as soon as possible. A spokesperson for the company said ‘We’re already looking at sites in the city and hope to open the second one very soon.’

Several restaurants are set to close across the country – mainly in the budget dining centre. The Italian chain Prezzo announced that it will close 94 restaurants across the country is a bid to save its business which currently employs 4,500 people. Other restaurants which are facing difficulties in the current climate including Jamie’s Italian and Byron Burger. Both are still currently open but that has had to cut jobs and close sites in a bid to stay afloat and stop the companies folding.

Overall the hospitality sector is staying strong in the turbulent economic climate with many new bars and restaurants opening. Most companies who are struggling are from the budget dining sector which has seen an explosion in outlets opening over the past decade. As well as stiff competition, other issues which are affecting the hospitality industry include a rise in business rates and a rise in the national minimum which is putting pressure on businesses to stay afloat. Other companies who have collapsed in recent months are Toys R Us and the electronic retailer Maplins.