Buddha Bar, the restaurant and bar on Victoria Embankment in London, has gone into administration after failing to cope with a ‘very difficult trading environment’.
The nightspot, which is renowned for its celebrity clientele, was closed immediately following the appointment of administrators Baker Tilly, resulting in the loss of 80 full and part-time staff.
David Hudson from Baker Tilly said he was now looking for a buyer for the business and its assets.
“This particular market is only now recovering from what has been a very difficult trading environment over the past two years. Naturally, high-quality entertainment venues have a high start-up cost and, with Buddha Bar opening just before the beginning of the recession in 2008, it compounded what was a difficult market for the business.”
George V Eatertainment
Having opened in July 2008 at the beginning of the recession, Buddha Bar was run as a franchise of George V Eatertainment, which operates sites in Paris, Dubai, Brazil, Beirut, Cairo and Kiev. It is thought that none of the other sites have been affected by the administration of Buddha Bar London.