8 Hoxton Square becomes the latest casualty of hostile industry climate
Its website reads: “8 Hoxton Square has now closed for business. Many thanks for your custom, please visit us at our sister restaurant 10 Greek Street’.”
The modern European restaurant, run by executive chef Cameron Emirali and sommelier Luke Wilson, opened in February 2014.
The pair are now turning their attentions to their all-day café The Whitechapel Refectory as well as 10 Greek Street, which they opened in early 2012. The decision not to open the Hoxton restaurant after Christmas comes as a result of its underperformance over the past few months.
The restaurant was well loved, and having received a glowing review from critic Marina O’Loughlin, it joins the list of venues whose closures have come as a surprise to the industry.
Other surprise closures include HKK in Shoreditch, Paradise Garage in Bethnal Green, L’Autre Pied in Marylebone and, most recently, Kensington Roof Gardens in High Street Kensington, which closed this month after 37 years in business.
Confidence in the UK's restaurant scene had been substantially dented since the start of the year, according to a number of industry reports.
According to MCA's UK Restaurant Market Report 2017, only 28 of the top 50 UK restaurant brands by number of sites are expected to see growth in their portfolio over the coming year. Its report states: "Significant headwinds are building up in the restaurant market from declining consumer visit frequencies, rising cost pressures and concerns from over-expansion. These are combining to depress profit margins and usher in a challenging period of market correction or rebalance until demand better aligns with supply."
