A popular burger chain has collapsed with the devastated owners blaming consecutive interest rates for their heartbreaking decision to shut up shop.
Wing Fix closed its two venues in Coorparoo and Newmarket, in Brisbane, on November 13.
Owners Peter and Ross Jacobi have been left reeling from the forced closure with Peter admitting the past five years had been difficult.
‘You probably couldn’t write a worse run for hospitality in particular, but small business or even business in general,’ Mr Jacobi told the Courier Mail.
‘It’s been really tough the last five years, but in particular the last two years, since back to back interest rate rises, which is something that the hospitality industry or small business haven’t really had to go through.’
Mr Jacobi said the brothers have been left heartbroken following the collapse of the popular eatery due to soaring operational costs.
The siblings started the restaurant out of a market stall seven years ago.
Mr Jacobi revealed the cost of staples such as fresh produce and dairy, has gone up by a massive 15 and 25 per cent.
Wing Fix closed its two venues in Coorparoo and Newmarket, in Brisbane, on November 13 (pictured Wing Fix store)
‘When you combine that with a decrease in sales and already fine margins … it needs to become more expensive to become more viable for the business,’ he said.
The closure of the restaurants was announced in a social media post last month.
‘Unfortunately unprecedented economic times and increasing costs have forced us to make the very difficult decision to close our doors,’ the post read.
‘We would like to thank everyone, past and present, customers, staff, landlords, suppliers who have been on this journey with us.
‘Thank you Wing Kings and Queens … it’s not goodbye for us, it’s just see you later.’
Commenters expressed their shock and disappointment at the closure of both venues.
‘Beyond devastated,;’ one person wrote.
Owners Peter and Ross Jacobi revealed the popular eatery has been hit hard by the soaring costs of staples such as fresh produce that is used to make their products (pictured)
‘I’m sorry to hear the sad news. Us Sydney customers will miss you Wing Fix,’ another person wrote.
‘It’s bloody sad when a small bizz closes its doors because our economy is so broken. Best of luck,’ a third added.
Daily Mail Australia has contacted Wing Fix for further comment.
Wing Fix is among several popular and high profile restaurant and hospitality venues in the Sunshine State that have collapsed recently.
City Winery Brisbane Pty Ltd entered voluntary liquidation in September just five years after the company opened its first venue.
The restaurants effected by the devastating collapse include City Winery in Fortitude Valley and on Edward Street, and Ardo’s locations at Newstead, Milton, Hawthorne and Graceville.
The business is understood to have never recovered from the impact of Covid-19, which decimated Australia’s hospitality sector.
Wing Fix is among several popular and high profile restaurant and hospitality venues in the Sunshine State that have collapsed recently (pictured Wing Fix restaurant)
The collapse of the company occurred after the onc bakery and cafe giant BCN Events Group, wee forced to shut their doors.
The company, which ran the popular Mica Express and Mica Brasserie cafes in Brisbane and Newstead entered voluntary liquidation in May.
Food services across the country collapsed at a record rate, with 1,667 retailers forced to close their doors as of June 30, 2024.
The figure represents a 50 per cent increase compared to the number of food services retailers that collapsed in 2023 according to ASIC.
Retail trade insolvency appointments also rose this year by 42.2 per cent to a total of 768.
Figure by credit reporting website CreditorWatch one in every 11 businesses in the hospitality sector will fail over the next year.
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