🚨 High Street Alert! 🚨 Popular UK restaurant chain Franco Manca is closing 16 of its branches, putting up to 225 jobs at risk. The move comes amid claims of “disproportionately high” taxes on the hospitality industry. 🌐
Franco Manca’s restructuring plan, called a company voluntary arrangement, is in response to rising VAT rates, national insurance, and minimum wage costs. Although specifics aren’t confirmed, London could see around half of the closures, along with other locations like Bishop’s Stortford, Cheltenham, and Glasgow. 🏙️
Franco Manca has been a pizza favourite since its 2008 launch, and the decision to close branches has put it among many UK hospitality businesses facing tough times. Fulham Shore’s CEO, Marcel Khan, stated that the objective is to make sure the brand is sustainable for long-term growth. However, he highlighted the financial burden from high VAT and the government’s lack of relief for the restaurant sector. 🏛️
While the Cardiff branch remains open, the situation sparks a broader discussion on the mounting pressures UK restaurants are facing. John Vincent, founder of the casual dining chain Leon, criticised government policies, saying, “The high street is dead… This is not the market, it’s the government.” 🛍️
Meanwhile, the government insists it has the right economic plan with reforms in business rates and support packages, countering with measures to control costs.
Stay tuned for more updates on how these closures impact your local high street. How do you feel about these changes? 🍕 Comment below! ⬇️