The ongoing effects of the challenging economic environment have taken their toll on yet another hospitality establishment as the award-winning INCA Newmarket announced today it is going into voluntary Liquidation.
Opening in October 2019 to critical acclaim and having managed to survive the multiple pandemic lockdowns, owner Nic Watt has made the difficult and sad decision to close the doors at his Westfield Newmarket restaurant.
INCA recently won Restaurant of the Year 2023 at the Newmarket Business Awards. However, significant year-on-year rent increases, combined with the well documented cost-of-living crisis impacting hospitality spending means the business is no longer sustainable.
“Paying INCA Newmarket’s team of 24 staff is a priority for the liquidators, and we are in conversation with all outstanding creditors,” Nic says.
“Having exhausted all other financial options available, it has been a gut-wrenching realisation that there is no other option for INCA Newmarket. We have barely held on in riding out the challenges of the last couple of years and now the reality of the continuing economic headwinds has made it untenable to remain open.
“I’ve been in the industry for 32 years and the last 12 months have undoubtedly been the most challenging we’ve seen for the hospitality sector, with no respite in sight.”
INCA Newmarket’s last day of trading was 1 November 2023. Liquidators PKF Corporate Recovery and Insolvency have been appointed to manage the voluntary liquidation process.
Staff were informed at 9.30am this morning of the restaurant closure.
INCA Ponsonby remains open and taking bookings. Any customers with dining vouchers for INCA Newmarket will have them honoured at the Ponsonby location.