I'm still in shock. Seriously. The news hit me yesterday when my mate Jonny texted: "Horticulture's gone. Doors locked. WTF?" I thought he was having me on. That place was PACKED every weekend!
Newcastle's hospitality scene just took another gut punch with Horticulture (both locations) and El Guapo cocktail bar suddenly shuttering. No warning. No explanation. Just... gone. Like that ex who blocks you on everything overnight.
The Ghost Restaurants of Newcastle
Back in 2020 when Horticulture first opened on Pilgrim Street, I remember thinking it wouldn't last six months. Too fancy, wrong location. God, was I wrong. Five years of slinging those ridiculous espresso martinis (they had like 40 variations) and small plates that cost more than my hourly wage, and the place was thriving. Or so we thought.
The Newcastle spot became teh place to be seen. I once sat two tables away from Si King of the Hairy Bikers who was tucking into what looked like the best plate of scallops I've ever laid eyes on.
That outdoor terrace? Pure gold during those three days of actual sunshine we get up North.
What the hell happened?
A spokesman for the venues finally broke silence with the most corporate non-statement ever: "We are regretful to inform you that both Horticulture venues and El Guapo are currently closed. We are, at present, undertaking advice before deciding upon the next steps for the future. We will update in due course."
Translation: We're completely screwed.
The real story? Same one killing restaurants everywhere. Energy bills through the roof, ingredients costing a fortune, and wages that actually need to cover, you know, living. My friend Melissa worked there part-time and found out she was jobless via Instagram. Poor girl.
The Whitley Bay dream that barely got started
The saddest bit might be the Whitley Bay location. Opened in late 2024, it was barely out of its nappies before getting axed. I spent £78 there last month on dinner with my sister. The food was incredible - this prawn dish with some kind of chili sauce that I'm still thinking about. Now I'm wondering if they knew the end was coming even then.
Listen. I'm not naive about the restaurant business. My cousin lost $43K trying to open a sandwich shop in 2018. It's brutal out there.
Another one bites the dust... and another one gone
El Guapo hurts differently. Those margaritas were legendary. My editor bet me £20 I couldn't finish their spiciest taco last summer. (I won, but at what cost to my digestive system?)
It had only recently taken over from another failed bar. The curse of that location continues.
The North East hospitality scene is starting to look like a ghost town. We've lost 5 major restaurants in the last 3 months alone.
The bigger retail apocalypse
This isn't just a Newcastle thing. The Centre for Retail Research dropped some terrifying numbers: 13,479 stores closed for good in 2024. That's 37 EVERY DAY.
Independent shops bore the brunt with 11,341 closures, while bigger retailers shut 2,138 locations.
Over half these closures happened because businesses went through insolvency proceedings... which is fancy talk for "drowning in debt with no life raft in sight."
New Look is next on the chopping block, with about 91 stores at risk when their leases expire. That's a quarter of their entire operation, with 8,000 jobs hanging in the balance.
I feel stupid now for complaining about the price of those espresso martinis. Maybe if I'd ordered a few more, they'd still be open.
...Probably not.
Frequently Asked Questions
What is the role of central banks in the economy?
Central banks manage a nation's currency, money supply, and interest rates. They implement monetary policy to control inflation, stabilize the currency, and foster economic growth. They also serve as lenders of last resort to the banking system during financial crises.
What is the importance of financial literacy?
Financial literacy is essential for making informed decisions about budgeting, saving, investing, and managing debt. It empowers individuals to understand financial concepts, evaluate risks, and navigate complex financial products, leading to better financial stability and long-term wealth building.
What are the different types of money?
The main types of money include commodity money, which is based on physical goods like gold or silver; fiat money, which is government-issued currency not backed by a physical commodity; and digital currency, which exists electronically and is often decentralized, such as cryptocurrencies.
How can I improve my credit score?
To improve your credit score, make timely payments on all debts, reduce credit card balances, avoid opening unnecessary credit accounts, and regularly check your credit report for errors, disputing any inaccuracies. Maintaining a mix of credit types and keeping old accounts open can also be beneficial.
What is the definition of money?
Money is a medium of exchange that facilitates transactions for goods and services. It serves as a unit of account, a store of value, and a standard of deferred payment, allowing individuals to compare the value of diverse products and services.
How does inflation affect the value of money?
Inflation refers to the general rise in prices over time, which erodes the purchasing power of money. As inflation increases, each unit of currency buys fewer goods and services, meaning that the value of money decreases in terms of what it can purchase.
What is the difference between saving and investing?
Saving typically involves setting aside money in a secure account for short-term needs or emergencies, while investing involves using money to purchase assets like stocks or real estate with the expectation of generating a return over the long term. Investing carries higher risks but offers the potential for greater rewards.
Statistics
- As of 2021, the average student loan debt for recent graduates was approximately $30,000, according to the Federal Reserve.
- According to the Bureau of Labor Statistics, the average American spends about $1,500 per year on coffee.
- The average return on investment for the S&P 500 over the past 90 years is about 10% per annum.
- According to the World Bank, around 1.7 billion adults worldwide remain unbanked, lacking access to basic financial services.
- Research by the National Bureau of Economic Research found that individuals who receive financial education are 25% more likely to save than those who do not.
- A survey by the American Psychological Association found that 72% of Americans reported feeling stressed about money at some point in the past month.
- In 2020, the average retirement savings for Americans aged 60 to 69 was approximately $195,000, according to Fidelity.
- The average cost of raising a child in the U.S. is estimated to be around $233,610, according to the U.S. Department of Agriculture.
External Links
How To
How To Educate Yourself About Personal Finance
Educating yourself about personal finance is a vital step toward financial independence. Start by reading books and reputable blogs that cover fundamental concepts like budgeting, saving, investing, and credit management. Consider enrolling in free online courses or attending local workshops on financial literacy. Follow financial experts on social media for tips and current trends. Additionally, podcasts and webinars offer valuable insights and diverse perspectives. Join forums or community groups to discuss financial topics with others. Lastly, practice what you learn by applying concepts to your own financial situation for hands-on experience.
PoliticsRoyaltySoap OperaGamingMoneyPrivacy PolicyTerms And Conditions
