West End classic Angus Steakhouse ‘on brink of administration’
West End staple Angus Steakhouse is reportedly on the edge of collapse unless it can secure rent concessions from its landlords.
The restaurant chain, which was founded in the 1960s, has hired KPMG in a bid to strike a last-minute deal with landlords, the Telegraph reported.
The Big Four auditor has written to letters to ask them to waive rent payments until the current Covid restrictions are lifted.
It has also asked them to agree to receiving a daily rate of rent rather than a quarterly one, the Telegraph reported.
Landlords have been given until 5pm tomorrow to agree to the concessions. KPMG said there was “significant uncertainty” as to whether an agreement would be reached.
Instantly recognisable, Angus Steakhouse, which is owned by leisure group the Noble Organisation, had a portfolio of five restaurants, with its best known site just off Piccadilly Circus.
Despite its long history, the chain has been struggling in recent years, with revenue plunging amid a change in dining tastes.
That was before the Covid-19 pandemic put paid to dining out altogether, with restrictions seeing many restaurants go months without seeing diners due to enforced closures.
Many of the UK’s best known chains, such as Carluccio’s, Byron, Bella Italia and Cafe Rouge have plunged into administration already over the last year.
City PM has contacted KPMG for comment.