But the popular restaurant won’t be leaving the city
Four Wise Monkeys on Clare Street(Image: Four Wise Monkeys)
An Asian ‘super diner’ in Bristol’s Old City is closing its doors after tonight (Tuesday, April 15) because its owners say they were unable to afford a 25 per cent increase in rent asked for by the private landlords of the building.
Four Wise Monkeys, which is one of several venues from the Bristol-based Hyde and Co Group, which also own the likes of The Raven, Bambalan, The Milk Thistle, Seven Lucky Gods, and The Ox, will be starting a new chapter as it moves out of number 30 Clare Street.
Co-founder of Hyde & Co Group, Nathan Lee, told BristolLive that 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 went on to say : “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 went on to say that he believes the company had invested somewhere in the region of ‘more than half a million pounds’ into the building over the years.
He said: “We’ve been custodians of the building for over 10 years now and seen our fair share of ups and downs.
Nathan Lee of the Hyde & Co hospitality group(Image: John Myers)
“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.
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“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 its a good idea to sign up for another five to 10 years or leave and let somebody else have a go.”
It’s not the end for the popular food spot though, as Nathan said fans will still be able to get their hands on some of the delicious dishes on the menu online, before it moves to a new physical 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.
Inside Four Wise Monkeys on Clare Street(Image: Four Wise Monkeys)
“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 its coming alive again after a long, hard Winter.
“The economy feels like its slowly improving and you’ve got to love Bristol in the sunshine!”
According to recent planning applications submitted to the council, it looks like steak restaurant, Flat Iron Steak Ltd could be opening up at the location.
The brand has applied for planning permission to put up signs on the building on Clare Street. Flat Iron Steak also has restaurants in London, Manchester, Leeds and Cambridge.
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