Islington's Laki Kane Restaurant to Close Following Recent Rededication
In the heart of Islington, Laki Kane - the award-winning cocktail bar and Thai restaurant renowned for its lively bottomless brunches and unforgettable late-night parties - has announced its closure on September 1, 2023. Despite a recent relaunch under new management in April, the bar's financial difficulties and the challenging retail environment for bars in London have proven insurmountable.
The relaunch in 2023 saw a refreshed venue and a new Caribbean-inspired menu, accompanied by external PR promotion. However, the efforts were not enough to overcome the worsening financial situation of Laki Kane, as shown by the full accounts filed up to 31 March 2024 on Companies House. The bar's net assets, which stood at £15,705 in 2023, shifted to net liabilities of £9,139 in 2024[1].
Owner Georgi Radev cited significant changes in the neighbourhood and ongoing difficulties in sustaining the business as reasons for the closure. The broader context includes rising business costs and shifting consumer behaviours impacting London bars, with other major operators like Revolution Bars and Simmons also closing locations or entering administration recently[1].
As the notice from Laki Kane stated, "This may be goodbye for now... but the story isn't over"[2]. Radev plans to return with a bigger and better concept in the future.
Laki Kane first opened its doors in 2016 and quickly became a favourite among locals and tourists alike. It received several accolades, including Time Out's Best Bar in Islington and GQ's Bar of the Week[3]. The bar's closure is a blow to the vibrant nightlife scene in Islington and a reminder of the mounting challenges facing retail businesses, particularly bars, in London.
[1] Companies House filings [2] Laki Kane's official notice to customers [3] Laki Kane's awards and recognition [4] Previous restructuring plans of Revolution Bars and Simmons' administration
The financial troubles orchestrated by the challenging retail environment for bars in London, coupled with increased business costs, forced Laki Kane to cease operations on September 1, 2023. This closure has left a significant void in the vibrant nightlife scene of Islington, escalating discussions about the mounting challenges facing retail establishments, specifically bars, within the city. Other major bar operators in London, such as Revolution Bars and Simmons, have faced similar circumstances, with restructuring plans or even administration. Despite the current closure of their Caribbean-inspired establishment, owner Georgi Radev hints at future plans to return with a bigger and better concept. In addition to impacting the economy and lifestyle, the closure has reverberated throughout the fashion-and-beauty, food-and-drink, home-and-garden, education-and-self-development, and general-news industries in London as a cautionary tale about survival in an ever-evolving retail landscape.
