Rising costs cause profits at The Waterside Inn to sink
🍴 The Waterside Inn, a three Michelin-starred restaurant in Berkshire, reported a pre-tax loss of £181,000 for the year ended 31 December 2023, a downturn from the previous year's £814,000 pre-tax profit. Turnover slightly increased from £9.016 million to £9.064 million compared to 2022. Rising staffing, energy, and food costs were cited as the reasons for diminished profitability. The restaurant runs another establishment, Roux at Skindles in Maidenhead, and has implemented a tronc system and improved pay structure to retain staff. Future risks include UK income growth, consumer confidence, staff shortages, operational costs, political events, and currency fluctuations.
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