The news for restaurant chain Jamie’s Italian looked bleak this week. The famous chef’s chain of restaurants throughout the UK have seen 12 of its 37 stores close since launch, with its Barbecoa steakhouse in Piccadilly falling into administration after only just a year of trading.
Speaking at the Casual Dining Show in London, the Jamie’s Italian CEO John Knight put the urgent need for a business turnaround strategy down to 2 things: Complacency and a Failure to Innovate.
And they’re not alone.
In a previous blog post, we also featured the downfall of Toys giant Toys R Us and their filing for bankruptcy protection. However, after unsuccessful attempts at trying to rescue their business, news has hit our shores that just as they are frantically trying to find a buyer for their European division, their UK division plans to go into administration within the next week – with a threatened loss of over 3000 jobs. The cause of their demise: Complacency and most definitely a Failure to Innovate.
So, just how did Jamie’s Italian fail to read the signs? Knight says that it was simply case of losing touch with their original vision. “As a business, we lost our way. We hadn’t acknowledged how much the UK high street had changed over the last ten years,” he said. He also admitted that the restaurant chain had “rested on its laurels” over the last 10 years and overlooked the importance and take stock of their competitors and how they were evolving.
And perhaps that’s exactly it.
No business is exempt. No matter how big, how successful, how historic it may be. If you’re not keep up with what your competition is doing, and what your market expects – then you’re at risk of business distress.
We’ve worked with many huge brands and businesses and we have helped them turn their businesses around, saving them from almost certain demise.
We can do it for your business too.
It starts with a no-nonsense, straight-talking approach.
It’s time to talk to us.