AN ICONIC Asian ‘super diner’ is closing its doors for good after ten years, with its owners blaming soaring rent costs driven by the arrival of big-name chains.
Four Wise Monkeys, based in Bristol’s historic Old City, will be moving out of its home at 30 Clare Street after being hit with a 25 per cent rent increase by private landlords.
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The popular restaurant is part of the Hyde & Co Group, the team behind other top venues in the city including The Raven, Bambalan, The Ox, Seven Lucky Gods, The Milk Thistle, and more.
Four Wise Monkeys was known for its vibrant and diverse menu, blending traditional Asian flavors with modern twists.
The restaurant served a variety of mouthwatering dishes, from tender ramen bowls packed with rich broths to crispy bao buns filled with succulent meats and flavorful vegetables.
Their sushi offerings were always fresh and beautifully crafted, while their small plates, like crispy squid and spicy kimchi fries, were perfect for sharing.
Co-founder of Hyde & Co, Nathan Lee, said they weren’t able to: “meet the landlords demands for a rent increase of 25 per cent” and so found a buyer for the building.
He added: “It’s our last night tonight, then we close the doors and a new chapter starts for the building.
“The whole thing has taken about a year to progress to this stage and we have managed to agree a deal to keep The Raven in the upper floors of the building.”
Nathan said the group had invested “more than half a million pounds” into the site over the years and admitted it was difficult to walk away after a decade.
“We’ve been custodians of the building for over 10 years now and seen our fair share of ups and downs,” he said.
“The area has changed significantly from what it was when we first moved in.
“I think we’re one of the last independents on the street.
Unfortunately a number of chains have opened in the Old City recently.
“They’ve pushed up the value of commercial property in the area by paying higher rental values than us independents can really afford. It’s a bit of a cycle and we’ve just got out at the right time for us.
“The bottom line is that as margins get shrunk by inflation, increases in fixed costs and labour costs, there is very little room to make profit so you have to make a business decision about whether it’s a good idea to sign up for another five to 10 years or leave and let somebody else have a go.”
But fans of Four Wise Monkeys won’t have to say goodbye for long.
Nathan confirmed the brand will live on through delivery while plans are made for a new location.
He said: “As we have other businesses, we were able to offer most of our staff other positions and the good news for Four Wise Monkeys fans is that we are going to continue with the brand on Deliveroo for now, before moving it to a new location.
“For me it’s a positive thing that we have managed to find a decent company to take over and look after the building.
“There is going to be a significant investment going into it, which we just couldn’t afford to do.
“I’m really happy to have the weight lifted off my shoulders to be honest. Looking after an old building of this size takes a lot of money.
“As a company we’re looking forward to a decent Summer. The city feels like it’s coming alive again after a long, hard Winter.
“The economy feels like it’s slowly improving and you’ve got to love Bristol in the sunshine!”
According to planning applications submitted to the council, steak restaurant Flat Iron Steak Ltd looks set to take over the Clare Street site.
What is happening to the hospitality industry?
By Laura McGuire, consumer reporter
The chain, which already operates in London, Manchester, Leeds and Cambridge, has applied for permission to install new signage at the venue.
The closure of Four Wise Monkeys is the latest in a wave of hospitality casualties sweeping across the UK, hitting everything from beloved independents to big-name chains.
In London, Veeraswamy, the country’s oldest Indian restaurant, is under threat after nearly a century in business.
The Michelin-starred venue on Regent Street, which has welcomed royalty and dignitaries including Princess Anne and King Abdullah of Jordan, is at risk of being replaced by office space after landlords declined to renew the lease.
Co-owner Ranjit Mathrani didn’t hold back, blasting the move: “They don’t care a bugger for history.”
Outside the capital, Peterborough was hit with a double whammy in March when both Franco Manca and Harvester shut on the same day.
Franco Manca pulled out just three years after opening, while the Harvester in Alwalton closed ahead of a revamp that will see it transformed into a Miller & Carter steakhouse.
Over in Blackburn, Caribbean favourite Turtle Bay closed its branch after eight years.
The company said farewell with thanks for the “good times”, but fans were gutted by the loss.
Even London fine-dining staple Hakkasan hasn’t been spared.
The iconic restaurant recently shut the doors of its original Hanway Place site after 24 years.
Industry experts say the outlook remains tough. Craig Rachel, from consultancy firm AlixPartners, warned: “The build-up of external pressures in 2024 is significant. Many businesses are doing what they can to adapt, but consumer spending is still under strain.”
Why are retailers closing stores?
RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.
High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.
However, additional costs have added further pain to an already struggling sector.
The British Retail Consortium has predicted that the Treasury’s hike to employer NICs from April will cost the retail sector £2.3billion.
At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”
It comes after almost 170,000 retail workers lost their jobs in 2024.
End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker.
It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date.
This was up 49,990 – an increase of 41.9% – compared with 2023.
It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns.
The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker.
Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations.
Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes.
Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
“By increasing both the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”
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