Why are so many Irish restaurants suddenly closing their doors?

Earlier this month, in the space of just one week, three popular and long-standing Dublin restaurants closed their doors. Chef Dylan McGrath suddenly announced he was closing Rustic Stone and Brasserie Sixty6 and, a few days later, Ukiyo Bar announced its immediate closure”
Mr McGrath said running a restaurant in the city centre was “simply not sustainable”, while the owners of Ukiyo warned the margins were “so meagre there is no future for us and so many more of our fellow businesses”.
Some 577 restaurants across Ireland shut down between September 2023 and July 2024, meaning an average of two closures each day.
Why are so many restaurants suddenly announcing their departure from the market?
And, if the current VAT rate of 13.5 per cent remains in place, how many more restaurants will close?
Today, on In the News, why are so many Irish restaurants suddenly shutting their doors?
Irish Times food critic Corinna Hardgrave and restaurant owner Vanessa Murphy discuss the challenges facing the Irish hospitality industry.