Restaurants v the cost of living crisis: how will they cope?
On Saturday 20 August, Bristol’s Casamia restaurant finished its final service after 23 years in business. “I’m 36 and most of my life has been Casamia,” says the chef-owner, Peter Sanchez-Iglesias, who, with his brother Jonray, turned what was previously their parents’ suburban Italian into a Michelin-starred destination. “But with my brother [who died in 2015, aged 32], I know life is short. Things can be taken away from you quickly and I’m not going to keep Casamia just to boost my ego. Nothing lasts for ever.”
Pre-pandemic, Casamia was “just breaking even”, struggling to hit the industry standard gross profit margin of 70%. That is not unknown in fine dining. Such labour-intensive treatment of costly ingredients for small numbers of guests is a financially precarious form of self-expression.
In the summer of 2020, Casamia underwent a “bold” relaunch intended to enhance its cutting-edge reputation and secure its future. Restyled as a dark, modish cocoon of loud music, lights and visuals, the dinner price increased from £119 to £180 (wine flight, £120), and to create a better work-life balance for staff services were cut to two lunch and three dinner sittings, running Thursday to Saturday. The plan was to make theatrical, 25-course menus of potato tempura, black garlic mayonnaise and pickled black garlic, or apple tart with smoked ice-cream, for just 16 people per service financially viable.
“We wanted more exciting food, to expand the ingredient selection and hit 70%,” says Sanchez-Iglesias, who encouraged the use of, for example, langoustines and sea urchins. “There shouldn’t be many boundaries in doing something creative. Because of the price, we should give everything to customers. I don’t want to be held back.”
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