Latest news with #LucyKnowles
The Sun
4 days ago
- Business
- The Sun
Bar and restaurant chain with 36 locations suddenly closes venue in town shopping centre after nine years trading
A BELOVED bar and restaurant chain with 36 locations has suddenly closed a popular town shopping centre venue after nine years of trading. The Cosy Club at Ipswich's Buttermarket Shopping Centre has announced it made the "very difficult decision" to close its doors on May 31. 1 Managing Director Lucy Knowles revealed it was no longer "financially viable" for the popular restaurant to stay open. The Cosy Club held a lease on the branch until 2032. "We're very disappointed that, after nine years trading, we have taken the very difficult decision to close Cosy Club Ipswich," Lucy said. She added: "This is only the second Cosy Club we've ever closed but, unfortunately, it wasn't financially viable for us to continue trading there. "We would like to thank all of our team for their spirit, professionalism, and hard work and all our fabulous customers for their support over the years." Despite the closure, food lovers in Ipswich can still dine at Loungers — which operates Cosy Club — after confirming that Marinero Lounger is still set to open. The new bar and restaurant will open on July 2 at the Waterfront, in the former Burton and Sons warehouse. It comes after a popular fast food chain announced it is closing all of its restaurants, after over a decade in business. Chick 'n' Sours has closed its restaurants in Haggerston and Seven Dials in London, after hanging on "as long as we could". However, fans of the chicken shop will be pleased to know that it will continue its residencies at the Roof East and Corner Corner food halls. Restaurant chain with 475 outlets set to close dozens of locations across the US – as CEO issues ominous warning Chick 'n' Sours will also still be available on Deliveroo, with the brand also appearing at UK festivals and live music events. Co-founder David Wolanksi wrote on Instagram: 'We do what we do because we love it, fuelled by passion and a desire to provide guests with awesome food and memorable dining experiences. "But that's no longer enough these days. 'We hung in there as long as we could but I'm afraid we've now reached the point where operating the two restaurants just isn't viable anymore and it makes no commercial sense to continue. "The casual dining restaurant model is broken, but that's for another post.' Hospitality industry struggles The hospitality industry has faced mounting pressure in recent years including recovering from the pandemic, rising cost of living, inflation and eye-watering energy bills. Craig Rachel, director at financial advisory firm AlixPartners, outlined the key factors that drove businesses to close sites last year and continue to cause challenges in 2025. He said: " Restaurants have seen the accumulation of external pressures in 2024, including rising utility costs, food prices and labour costs. "Although some of these factors have stabilised over recent months, the overall impact is significant and will be exacerbated again in 2025 following the budget announcements, and this has all affected profitability. "Some restaurant groups have been able to mitigate this to a certain extent through operational efficiencies and pricing, but consumer spending in the sector is under pressure meaning price measures are often unable to fully bridge the gap." What is happening to the hospitality industry? By Laura McGuire, consumer reporter 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
BBC News
4 days ago
- Business
- BBC News
Cosy Club Ipswich closes down in shopping centre
A bar chain with more than 30 locations in the UK has announced it is closing one of its Club in Ipswich shut on director Lucy Knowles said it was no longer "financially viable" to continue trading in the Buttermarket shopping centre. She said the "majority" of staff would be transferred to a new venue, under the same ownership, which was due to open at Ipswich's waterfront in July. "We're very disappointed that, after nine years trading, we have taken the very difficult decision to close Cosy Club Ipswich," said Ms Knowles."This is only the second Cosy Club we've ever closed but, unfortunately, it wasn't financially viable for us to continue trading there."Cosy Club said there were 36 venues, with the most recent opening in Reading in Buttermarket said Cosy Club had a lease at the venue until 2032. Follow Suffolk news on BBC Sounds, Facebook, Instagram and X.
