The restaurant sector is hardly sizzling at the moment. Last month burger chain Byron agreed a rescue plan with lenders and landlords which could lead to the closure of up to 20 restaurants. Also in January, Jamie Oliver's restaurant group said 12 of its 37 outlets would shut their doors - the second wave of closures in the space of a year. And since the beginning of 2015, shares in the Restaurant Group, which owns Frankie and Bennys and Garfunkels, have lost two thirds of their value. Businesses in the sector are having to pay the new living wage, the apprenticeship levy, and deal with "upwards-only rent reviews", he says. Customers have so much choice that there is little loyalty, and social media lets people be more aware of a wider range of food. Fast-casual restaurant firms have to work hard to persuade people to spend - especially as people are already spending more on experiences. So to win customers restaurant chains have had to discount, making life even tougher.
