NI restaurant closes as building repossessed due to ‘financial pressure’

Jake's Cocktail Bar and Grill in Antrim has closed its doors
-Credit: (Image: Streetview)

A well-known bar and restaurant has closed its doors after "serious financial pressure" led to the building owners facing hundreds of thousands in rent bills.’

Jake’s Cocktail Bar and Grill at The Junction in Antrim told its customers on Monday it was closing effective immediately as the owner of its premises had taken possession of the building.

A social media post from Jake’s said it had faced rent bills of more than £100,000 which it was struggling to pay - in addition to its other venues Moes Grill in Antrim and Magherafelt.

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“It is with deep sadness that we must announce the closure of Jake's Cocktail Bar & Grill from today 17/06/2024,” the business said.

“We want to thank all our customers old and new for making Jake's the special hospitality venue it has become in six years of trading.

Covid put our business under serious financial pressure, at the time of Covid our restaurant rents were as follows: Moes Grill Banbridge £95K, Moes Grill Antrim £70K, Redz £70K, Jakes £110K, total of £345K per annum.

“Our businesses weren't allowed to trade for two years off and on, but our landlords charged us 100% rents.

“Four years on, we simply cannot afford to pay back the rents for Jake's, therefore our landlord have taken possession of the building.”

The post went on to thank staff at the venue for its efforts, and that the group’s other restaurants will not be closing.

It added: “I want to also want to make it clear that our sister restaurant Moes Grill will not be closing and is very much open for business.

“We also want to thank our staff for their special part in making Jake's the venue it was, unfortunately we will only be able to keep some of the staff on at our sister venue Moes Grill for the staff that we can't keep on I can only apologise and hope you can find employment ASAP and have a successful career in whatever you choose to be the next step in your careers.”

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