THE news that Finbarr’s restaurant in Durham is closing after 13 years because of the “current economic climate” comes hard on the heels of deeply concerning closures in Richmond.
The Fleece Hotel, open for five years in a beautifully restored building, is closing citing the high levels of taxation, and the Cross View tearoom in the Market Place has gone after a heartbreaking post from its owners: “With the ongoing cost of living crisis, we have come to the devastating conclusion that no amount of hard work is going to balance the books and, therefore, we are closed with immediate effect.”
If a perfectly placed and moderately priced tearoom in Richmond, one of the most visited towns in the country, is struggling, then we really are in trouble.
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Richmond’s cause will not be helped by the closure of York House – a huge and attractive jumble of curios spread over uncountable storeys – and Ravensworth nurseries announcing after 57 years of trading that “the culmination of lockdown, rising bills, and the ongoing cost of living crisis means sadly we have reached the end of the line”.
There are brave people opening new businesses in Bishop Auckland and Darlington, as we regularly highlight, but if in Richmond and Durham – probably two of our most prosperous towns – small, independent businesses cannot make a go of it, there is something seriously wrong with our economy.
The Bank of England Monetary Policy Committee meets tomorrow to discuss interest rates. Inflation clearly has to be tackled, but many mortgage holders on fixed deals have yet to feel the pinch of the massive rate rises already imposed – and yet rates are likely to go higher. So what additional help is going to be introduced to help the small, independent businesses from Richmond to Durham that are now fighting to avoid becoming casualties of the cost of living crisis?
