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Renowned chef Rick Stein will shut down his Marlborough eatery this weekend, marking the second establishment to close in a single week as his family-operated culinary business grapples with escalating financial challenges.
The High Street location, which has been in operation for nearly ten years, will offer its final meals on Sunday, October 5. This closure follows the permanent cessation of operations at Stein’s Coffee Shop in Padstow, Cornwall, where three employees were reassigned.
In a statement endorsed by Stein, his spouse Jill, and sons Ed, Jack, and Charlie, the family expressed that the Marlborough location was “no longer sustainable” and extended gratitude to staff for their “enthusiasm, diligence, and commitment.” Patrons holding gift cards will still be able to utilize them across the wider enterprise.
The company, which includes establishments such as restaurants, hotels, shops, a culinary school, and an online sales division, has experienced a decline in revenue and escalating expenses. Last year, group earnings fell by 5.4 percent to £30.4 million, while losses grew. At the Seafood Restaurant in Padstow, Stein’s flagship venue, pre-tax losses increased to £459,000.
Stein has been outspoken in attributing government tax policies for exacerbating the pressure on hospitality. He has lambasted Chancellor Rachel Reeves’s increase in employer national insurance contributions and other taxes, contending that they have burdened an industry already constrained by low demand. “Due to the economy not appearing very bright, people are dining out less frequently, so imposing a hefty tax on sectors that are actively contributing is the last thing we need,” he stated in a recent interview.
Stein’s influence in Padstow — where he runs 13 venues — has turned the town into a significant tourist attraction over the last fifty years. His presence has been acknowledged for boosting visitor traffic and job opportunities, but it has also drawn criticism. Locals argue that the “Padstein” label has propelled property prices skyward, squeezed independent retailers, and made the town heavily dependent on tourism. Average property values in Padstow now exceed £750,000, surpassing London prices, while the town’s population of 2,500 often doubles during summer as tourists and second-home owners flock in.
The closures underscore the broader vulnerability of the UK’s restaurant and leisure industry, which is facing stagnant consumer spending and increased operating costs. Industry associations have cautioned that Labour’s proposed alterations to business rates and additional tax hikes could hasten closures unless relief strategies are implemented.
For Stein, whose name has become synonymous with Cornish seafood, the contraction emphasizes the difficulty of maintaining a vast portfolio profitable in a tough market. The family stated they had “cherished being part of the Marlborough community” but affirmed that tough decisions were necessary to safeguard the future of the broader group.
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