Wine bar group Vinoteca is on the brink of collapse after filing for protection from its creditors.
The business, which runs five sites across London, will fall into insolvency if it cannot restructure its debts within 10 days.
Vinoteca, which was launched in 2005 by hospitality stalwarts Elena Ares, Brett Woonton and Charlie Young, has bars in Borough Yards, Se1, Bloomberg Arcade, EC4, St John Street, EC1, King’s Cross, N1, and Chiswick, west London.
The business shut its only non-London site – a 4,500 sq ft bar in Birmingham’s Paradise development – in May, less than a year after it opened its doors.
At the time it warned that it was facing “difficult trading conditions”.
“The challenges of a much-changed economic landscape over the past 12 months of rising costs, inflation, spiralling energy charges and regular train strikes have proved too great for a site which Vinoteca had hoped to continue to grow over the coming years.”
Director Charlie Young said: “It is with great sadness that we have had to make the very difficult decision to close the doors at Vinoteca Birmingham and are heart-broken to be leaving the incredible Paradise development and a city we have grown to respect and admire.”
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