Italian restaurant chain Criniti’s has collapsed into voluntary administration as high overheads and low consumer spending wreak havoc on the group’s bottom line.
Following a meeting on Monday, the Directors of Criniti Restaurant Group appointed Worrells Solvency and Forensic Accountants as administrators.
It’s expected Worrells will close the weakest performing locations as a matter of priority, with some stores to remain open.
Registered liquidator Graeme Beattie said Criniti’s succumbed to the same pressures as many businesses are currently facing as household spending trends lower.
“Criniti’s is a well-known, well-liked chain, but like all hospitality businesses carries high overheads and is susceptible to any weakening in retail spending,” Mr Beattie said.
“With some locations in the group doing better than others, our first priority will be the preservation of value by identifying and closing the poorer performers, of which we expect there to be several.
“These will be difficult,…
