Major Italian chain with popular Scots branch to close six locations with almost 200 jobs lost
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A MAJOR Italian chain has announced that it will close six venues across the UK, scrapping almost 200 jobs in the process.
Gusto is a well-loved restaurant chain that offers up fan-favourite Italian dishes, including pastas and sourdough pizzas.
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Gusto is on the brink of administration
Credit: Alamy
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It is known for its sourdough pizzas
Credit: Alamy
And it is known for its Italian-style bottomless brunches and pizza-making experiences.
But bosses have now revealed that it is on the brink of administration after facing financial difficulties.
And bosses have revealed that six branches across the country will shut for good as part of a deal to save the brand.
Private equity investment firm Cherry Equity Partners is now buying over the chain through a pre-pack administration process.
This is an insolvency process which allows a business to sell its assets before appointing administrators.
And it is considered a way of selling a business to a third-party buyer.
We are profoundly sorry to see six of our restaurants close and are tremendously grateful for the support of our staff
Paul Moran,
Part of this process will involve pulling the shutters down at six different locations, meaning 190 jobs will be lost.
The brand has a total of 13 branches across the UK, including one in Scotland.
While details of the exact venues impacted by closures have not yet been revealed, it could include the restaurant in Edinburgh.
According to Interpath, most of the affected sites are expected to be smaller branches in suburban locations.
Pub chain collapses into administration as SIX sites shut their doors for good and 159 job losses
They added that these venues have "become economically unviable due to continuing cost headwinds affecting the sector".
However, the deal means that the remaining seven branches will be saved - including over 300 jobs.
Paul Moran, chief executive of Gusto Restaurants, said: "We are profoundly sorry to see six of our restaurants close and are tremendously grateful for the support of our staff and our loyal customers at these locations over the years…
"This investment marks an important step forward for Gusto, ensuring the future of the business and putting in place a strong and stable platform upon which we can start to grow the business again."
Full list of Gusto branches
Gusto currently has 13 restaurants across the UK. They can be found in these locations: Alderley Edge
Birmingham
Cheadle Hulme
Cookridge
Edinburgh
Heswall
Knutsford
Leeds City Centre
Liverpool
Manchester
Newcastle
Nottingham
Oxford.
What is happening to the hospitality industry?
Many Food and drink chains have been struggling in recently as the cost of living has led to fewer people spending on eating out.
Businesses had been struggling to bounce back after the pandemic, only to be hit with soaring energy bills and inflation.
Multiple chains have been affected, resulting in big-name brands like Wetherspoons and Frankie & Benny's closing branches.
Some chains have not survived, Byron Burger fell into administration last year, with owners saying it would result in the loss of over 200 jobs.
Pizza giant, Papa Johns is shutting down 43 of its stores soon.
Tasty, the owner of Wildwood, said it will shut sites as part of major restructuring plans.
WHY ARE RESTAURANTS CLOSING?
THE hospitality industry is facing mounting pressures, including soaring bills, rising costs, and squeezed budgets.
More closures could be on the horizon due to upcoming hikes in employer National Insurance Contributions (NICs) and the national minimum wage.
Many food and drink businesses have faced significant challenges recently, as the rising cost of living has led to a decline in dining out.
After struggling to recover from the impact of the pandemic, many establishments were then hit with soaring energy bills and mounting inflationary pressures.
This has forced several well-known chains to shut locations, with big brands like Wetherspoons and Frankie & Benny's among those affected.
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