The historic Criterion Restaurant in London’s Piccadilly Circus has been placed in administration and put up for sale.
The Criterion Restaurant is 141 years old, and one of the oldest restaurants in the world. But age is no protection from costs in Central London: it is reported that its landlord was not only seeking over £500k in rent arrears, but a recent rent review had increased the rent to around £850k.
Chartered accountants UHY Hacker Young have been appointed administrators, and stated: “Up until now the company has traded successfully. It was decided that administration was the most viable option as it allows the business to continue to trade as normal whilst the administrators market the business for sale.”
The restaurant is famous for its opulent decor: marble and tile interiors as well as a neo-Byzantine mosaic ceiling. It has often hosted the rich and famous – or notorious – from Winston Churchill to current Prime Minister David Cameron, Sir Arthur Conan Doyle to H G Wells, and many more.
The restaurant is part of the 120,000 sq ft Criterion Theatre block, which is owned by the Crown Estate.
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