TGI Fridays has permanently closed its flagship Leicester Square restaurant, leaving no outlets in central London. This is part of a larger trend within the UK hospitality sector, which is experiencing significant challenges post-COVID. CGA's Hospitality Market Monitor indicates that despite resilience shown by operators, many venues face ongoing vulnerability amid rising costs. The recent closure underlines the urgent need for governmental interventions, including VAT relief and adjustments to business rates, to support an industry critical to the UK's economy.
"The long-term confidence of leaders, entrepreneurs and investors is solid, but January has already brought further closures of venues that clung on through Christmas."
"Given all the challenges that were thrown at hospitality in 2024, stability in site numbers shows the impressive resilience of operators."
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