Popular neighbourhood restaurant and wine bar, The Exchequer in Ranelagh, has announced its sudden closure. A staple of the buzzy Dublin 6 suburb for the past 15 years, The Exchequer posted on social media on Tuesday evening that it would be closing with immediate effect from Wednesday, February 12th.
The notice stated: “After 15 incredible years in business, Peter and the team want to express our deepest gratitude to our amazing staff for their unwavering dedication and hard work.
“To the wonderful community in Ranelagh, your support has meant the world to us. We are profoundly grateful for the friendships we’ve built and the memories we’ve shared ... Though this chapter is closing, we will keep you updated on our future plans.”
It said in a later post it would be cancelling all Valentine’s Day reservations. “This was not an easy decision for us, and we sincerely apologise for any disappointment it may have caused. We hope you find a wonderful place to celebrate love this year. Thank you for your understanding.”
Speaking to The Irish Times, owner Peter Rock said: “We did everything to try to trade out of this, but since Covid it has been very difficult. Between warehousing debt with Revenue which was like a second rent; two minimum wage increases and increasing utilities and food prices, our costs have soared if not doubled.”
Rock said their small team of 12 full- and part-time staff had even offered to take a pay cut to keep things going. “We did everything. Closed Monday and Tuesday, just opened five days a week, but still it wasn’t enough to only be busy on Thursday, Friday and Saturday nights. We had to be honest with ourselves, we just couldn’t outrun it.”
Rock says he and his business partner will take time now to “re-evaluate, re-set and move on”.
Located on Ranelagh main street The Exchequer which runs over three floors including outdoor terraces, operated as a Spanish tapas restaurant under chef Jose Gomez. With an extensive wine list, a good range of beers on draft and award-winning cocktails, it was a popular casual dining spot for groups of friends and had gained a following in recent years for its family-style Sunday roasts.
Last year the Restaurants Association of Ireland estimated an average of two restaurants or cafes was closing each day in Ireland. More that 600 restaurants were forced to close last year. Many are dealing with pandemic-related warehousing tax debt owed to Revenue, while the post-Covid reinstatement of VAT from 9 per cent to 13.5 per cent, left a lot of food businesses battling for survival. The new Government Coalition has said it will cut the VAT rate for food hospitality services back to 9 per cent at the next budget. This may be too late for some restaurants and cafes struggling to stay afloat.
