Wing Fix collapses as owners of a popular burger chain reveal the reason for a shocking decision
- The Brisbane burger chain went bankrupt in November
- Back-to-back interest rates responsible for closing
A popular burger chain has gone bankrupt, with owners blaming cascading interest rates for the decision to close shop.
Wing Fix closed its two locations in Brisbane’s Coorparoo and Newmarket in November.
Owners Peter and Ross Jacobi are devastated as Mr Jacobi admitted the past five years had been difficult.
“You probably can’t write a worse performance for the hospitality industry in particular, but for small businesses or even for business in general,” Mr Jacobi told the Courier mail.
“It’s been very tough over the last five years, but especially over the last two years, since the successive interest rate increases, something that the hospitality industry or small businesses haven’t really had to go through.”
Mr Jacobi said the brothers are heartbroken following the collapse of the popular eatery due to rising operating costs.
The siblings started the restaurant seven years ago from a market stall.
Mr Jacobi revealed that the cost of staples such as fresh produce and dairy products has increased by as much as 15 to 25 percent.
Wing Fix closed its two locations in Brisbane’s Coorparoo and Newmarket in November (Wing Fix store photo)
“When you combine that with a decline in sales and already thin margins… it has to become more expensive to become more viable for the company,” he said.