- A burger chain collapsed in Brisbane in November
- Consecutive interest rates blamed for shutdown
A popular burger chain has collapsed and owners blame consecutive interest rates for the decision to close the business.
Wing Fix closed its two locations in Coorparoo and Newmarket, Brisbane, in November.
Owners Peter and Ross Jacobi were devastated and Mr Jacobi admitted the last five years had been difficult.
“You probably couldn’t write a worse spell for hospitality in particular, but also for small businesses or even businesses in general,” Mr. Jacobi told the courier mail.
“It’s been really tough the last five years, but particularly the last two years, since there were back-to-back interest rate hikes, something that the hospitality industry or small businesses haven’t really had to go through.”
Jacobi said the brothers were left heartbroken after the popular restaurant collapsed due to rising operating costs.
The brothers opened the restaurant in a market stall seven years ago.
Jacobi revealed that the cost of basic products such as fresh produce and dairy has increased by 15 to 25 percent.
Wing Fix closed its two locations in Coorparoo and Newmarket, Brisbane, in November (pictured, Wing Fix store)