In a span of a single week earlier this month, three renowned and long-established eateries in Dublin ceased operations. Renowned Chef Dylan McGrath announced an abrupt halt to his enterprises, Rustic Stone and Brasserie Sixty6. Shortly afterwards, Ukiyo Bar made public its decision to shut down with immediate effect.
Mr McGrath expressed that running an eatery in the city centre was quite simply unmanageable, while Ukiyo’s proprietors cautioned that the slim profit margins posed a bleak future for them and numerous other enterprises in a similar situation.
The closure of approximately 577 restaurants from September 2023 to July 2024 across Ireland indicates an average of two establishments shutting down every day.
The question arises, why are numerous eateries suddenly withdrawing from the market?
If the present VAT rate of 13.5 percent persists, it beckons the question of the possibility of more restaurant closures. The situation has indirectly impacted different sectors, with issues such as school placements for children with autism being unattended, reduction in the number of Russian diplomats in the Dublin embassy, along with other social concerns like smartphone usage amongst children and crucial health advisories being neglected.