London’s Criterion Restaurant Enters Administration

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The Criterion Restaurant in Piccadilly Circus has called in Administrators due to a steep rise in its rental costs.

The article states that the rent has been increased by some 60% from £525,000 to £850,000 a year, a fee which the 141 year old business is unable to afford and subsequently rent arrears of £517,000 becoming due.

On the receipt of a demand from the landlord the company sought advice from UHY and duly filed to Administration.

Source: Accountancy Age