It’s always a bittersweet moment when a local bar announces its closure, and for Glasgow’s cocktail lovers, the news about 63rd+1st is particularly poignant. This vibrant cocktail bar, located on Bothwell Street, is set to close its doors at the end of this month, a decision attributed to “dwindling sales” just three years after it opened to much fanfare.
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A Brief History of 63rd+1st
63rd+1st opened its doors in 2021, aiming to bring a slice of New York’s cocktail culture to Glasgow. Inspired by the renowned TGI Fridays, it offered a menu filled with tantalizing dishes and creative cocktails that quickly captured the hearts of locals and visitors alike. With a lively atmosphere and a focus on social dining, the bar became a favorite spot for casual gatherings, special occasions, and after-work relaxation.
Reasons Behind the Closure
The decision to shutter 63rd+1st comes from its parent company, Hostmore, which also oversees the operations of TGI Fridays. Several key factors have contributed to this difficult choice:
- Sales Decline: Over the past year, the bar has seen a significant drop in sales. Hostmore has described this decline as substantial enough to warrant the closure, reflecting broader challenges in the hospitality sector.
- Profitability Issues: 63rd+1st is not alone in this struggle; Hostmore has already closed three other venues in Cobham, Harrogate, and Edinburgh. The company has cited insufficient profits and a need to streamline operations as critical reasons for these closures.
- Financial Strategy: Hostmore aims to stabilize its financial position by discontinuing brands that are not generating sufficient revenue. By eliminating the operations and supply chain of 63rd+1st, the company hopes to improve its overall profitability and focus resources on more successful ventures.
Hostmore’s Financial Landscape
Hostmore operates 85 TGI Fridays restaurants across the UK, and its recent financial reports present a mixed picture:
| Financial Aspect | Details |
|---|---|
| Sales Decline | Sales were down 10% compared to the same period last year (up to mid-May) |
| Earnings Improvement | Slight increase in earnings during the first four months of 2024 compared to 2023 |
| Current Closures | Ongoing evaluation of underperforming sites for potential closure |
| Merger Plans | Merger with TGI Fridays Inc. expected to finalize by September |
Future Plans and Mergers
Despite the challenges faced by 63rd+1st, Hostmore is looking to the future with strategic moves that could reshape its brand portfolio:
- Merger with TGI Fridays Inc: Earlier this year, Hostmore announced an exciting merger with the US-based TGI Fridays. This strategic alignment aims to create a more substantial entity in the dining sector while continuing to be listed on the London Stock Exchange. The merger is anticipated to bring new investment and operational efficiencies, which could be pivotal for the company’s future.
- Funding Discussions: Hostmore is actively engaged in discussions with several lenders to secure financing for the newly merged group. These talks are crucial for providing the necessary capital to navigate the current market challenges and ensure a robust future for the brand. The company hopes to finalize a support package in the coming weeks, aligning with the merger’s completion by the end of September.
Community Impact and Farewell
The closure of 63rd+1st represents more than just a loss of a bar; it’s a loss of a community hub where memories were made over cocktails and laughter. Locals have shared fond stories of celebrating milestones, enjoying themed events, and connecting with friends in the warm, inviting atmosphere of the bar.
As we prepare to say goodbye to 63rd+1st, it’s essential to recognize the impact of such closures on local economies and communities. The hospitality industry has faced significant upheaval in recent years, influenced by shifting consumer habits, economic challenges, and the lasting effects of the pandemic.
Looking Ahead
While the closure of 63rd+1st is undoubtedly a setback for the Glasgow nightlife scene, it also serves as a reminder of the resilience and adaptability of the hospitality industry. The remaining TGI Fridays locations and any future ventures from Hostmore will need the support of loyal patrons and a commitment to innovation to thrive in an ever-evolving market.
As we reflect on the memories created at 63rd+1st, let’s celebrate the spirit of community and the joy that local bars bring to our lives. Here’s hoping that Hostmore can navigate these turbulent waters and emerge stronger, continuing to provide enjoyable dining experiences for all.
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