Goldsmith has announced that it is shutting down its Diamond catering and catering catering and restaurant operations, with nearly 1,500 staff affected.
The company said that in light of its “very significant” cash flow loss for the year ending March 2018, it had decided to liquidate the company and close all its Diamonds catering and food operations.
It said it was closing down its restaurants as part of the decision.
The decision comes after Goldsmith announced in February that it had recorded a loss of £17.5 million for the financial year ending June 2018, down from a loss in the previous financial year of £25.7 million.
The firm said it planned to reduce its workforce by almost a third, and was looking at the possibility of reducing its operations in the UK.
“It is with a heavy heart that we have to announce the closure of our Diamonds, Golds and Diamonds Catering and Catering & Bar.
This is a very difficult time for our staff, who are being offered redundancy benefits and are therefore seeking other employment,” the company said in a statement.”
We are currently in discussions with our suppliers and other suppliers of our catering and dining services in order to find suitable employment opportunities for our Golds staff, but will not be able to provide any further comment at this stage.”
It said that while some of its staff would be able “to re-enter the workforce via a redeployment programme”, it would “need to reassess its position with regards to staff levels at Goldsmith in the short-term and assess the viability of our current business model”.
The closure of the Diamonds restaurants means that Goldsmith is now the last of its two Diamonds locations, which opened in January 2018.
In a statement, the company explained: The Diamonds restaurant and catering business has been operating for over 10 years.
Its loss in its financial year 2018 was primarily due to the restructuring of its Diamond restaurants which resulted in the closing of Diamonds stores, as well as a reduction in the number of Diamond restaurants operating in the United Kingdom.
In the interim, the Diamond restaurants and catering have had to reduce staff numbers in order for them to make the necessary redundancies and transition to a new business model.
This has also impacted Goldsmith on the Diamond and Diamond Food businesses.
The company’s operations are also currently being impacted by the impact of the Brexit vote.
The Diamond restaurants in the south east of England, which operate in partnership with the Goldsmith business, have been hit hard by the closure and are struggling to recover from the impact.
The Diamond restaurants are currently facing a significant reduction in their catering and serving capacity.
This will impact on Goldsmith, which is dependent on the number and volume of customers coming to the restaurants for their food and drinks.
The closure and restructuring of the Gold restaurants has also resulted in a significant increase in the size of the catering business.
This has resulted in an increase in staff numbers and has been affecting Goldsmith.
With the closure, Goldsmith said that it would also be closing all of its other Diamonds food and beverage businesses.
The Golds restaurants in London and Manchester, as part in partnership between Goldsmith and the Diamond restaurant chain, will remain open, although Goldsmith expects to close its catering and the Golds food service businesses as well.
Goldsmith’s decision comes amid concerns about the future of the UK’s diamond industry.
In April 2018, the UK government announced it would phase out the use of the diamond by far more than 90 per cent of all diamonds mined by 2020.
The plan is set to be followed by an increase of a further 90 per year, with the government expecting to produce about 80 per cent more diamonds by 2025.