Beloved steakhouse chain to shut ALL its restaurants after collapsing into administration with no explanation
A STEAKHOUSE chain will close all branches after going bust.
The restaurants serve steak, seafood and other meat dishes but one has already closed down.
Called Steak of the Art, the food spot is a steakhouse and art gallery concept.
It has “original, fun and entertaining” sites in both Bristol and Cardiff.
Steak of the Art is owned by Groupco Ltd, which is run by former management consultant Stephen Bowen, BusinessLive reports.
Companies House documents show Rob Coad and Sam Talby of Undebt were appointed as joint administrators on April 9.
The latest filing shows the company owed £410,347 to creditors as of March 31 last year.
The Cardiff branch has already shut but the Bristol food spot is still up and running, with the website still taking bookings.
It offers an option of private dining, where up to 20 people can gather.
The steakhouse also has a gallery and hosts live music, film nights and fashion show fundraisers.
It is not known if jobs will be axed of if the company will be sold.
The Sun has approached the restaurant for comment.
The news follows Rio Brazilian Steakhouse on Bridge Street, York, revealing it was shutting on Monday.
The steakhouse announced: “We regret to announce that Rio Brazilian Steakhouse York has now closed.
“We sincerely apologise for any inconvenience this may cause.”
Manchester-based vegan street food chain Herbivorous also confirmed it will be closing all three of its sites this month in an emotional social media post.
Founders Robyn Marsh and Damian Myles said it had become ‘really difficult to maintain a thriving business’, citing challenges including the pandemic, competition and the closure of Hatch food and drink village, one of their busiest sites.
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.