The owners of the Peach Tree restaurant in Abbey Foregate, which opened in 1997, announced the restaurant’s closure Thursday afternoon, saying the decision was made with “deep regret”.
A statement from Paul Monahan of The Peach Tree Ltd said, “It is with a heavy heart that we announce today that The Peach Tree Restaurant Ltd has ceased trading with immediate effect.
“The restaurant has been experiencing significant financial losses on a weekly basis all this year, and despite the best efforts of the management and team, it has reached a point where we are no longer able to trade.”Read:Debt monsters in the downturn
The reason for closing the restaurant is due to a number of reasons.
Mr Monahan continued: “The massive impact of Covid on all hospitality venues; the enormous difficulty in hiring competent and competent staff and members of management since Brexit; the dramatic rise in energy costs and food prices; and the significant impact of financial instability caused by the micro-budget in Sept. Honestly, now we’re running out of time to turn things around.
“It’s been without a doubt the most stressful year we’ve ever known, and we’re acutely aware that a lot of other hospitality venues are facing exactly the same pressures and strains on their businesses. Despite our best efforts, Operation Peach Tree has been a shadow since the venue reopened post-Covid – Indeed, it has achieved 40 percent lower sales this year compared to pre-pandemic 2019 levels.Read:Experts warn that the Bank of England may be forced to hold an emergency meeting due to the drop in the pound
“This inevitable decision could not have come at a worse time, with fully booked Christmas party season starting next weekend. We have done our best to honor our commitment to those people who have chosen to celebrate Christmas with us, and I cannot apologize enough.” Enough about the disappointment and inconvenience this will undoubtedly cause.”
Mr Monahan said the team was “completely devastated” by the company’s failure.
He added: “We really hope someone will come and breathe new life into this fine place in Abbey Foregate and restore it to its former glory. Any interested party should contact Holles in Shrewsbury.”
Earlier this year the timber-framed building housing the restaurant, which is set within a parade of Grade II listed properties and contains parts believed to date from the 15th century, was put up for sale.
Any customers with future reservations at the restaurant will be contacted over the coming days.
Havana Republic, the Cuban-inspired cocktail bar intertwined with The Peach Tree, will remain open.
In a message to employees in his statement, Mr. Monahan said, “I would like to thank all employees, past and present, for their hard work and dedication, along with all of the customers who have enjoyed the Peach Tree experience over the past 25 years. It is certainly the end of an era.”Read:Tesla inquiry over claim cars drive themselves | World
Peach Tree and Havana Republic are listed with property experts halls with a guide price of £1.8m.
Its listing reads: “The building comprises of two well-established properties set within a parade of Grade II listed properties with parts of timber framed buildings thought to date from the 15th century.
“The trading areas are located on two (sic) floors and divided into a number of rooms allowing the business to accommodate larger numbers of clients during peak trading times while maintaining an intimate atmosphere during quiet periods.” To find out more visit Halls GB.