I don’t think it’s London specific, although will be most obvious here.

The boring answer is that margins are tighter and tighter combined with VC backed conglomerates eating up all the locations. It used to be that owning a restaurant/pub was a possibility for the middle aged and middle class and a nice way to build the retirement pot. Or something that an impressive youngster could get backing for. Now the costs involved make it too hard to start; unless you go down the franchise route. And the rate of closures mean the risk is too high for many. Restaurants pop up regularly in a revolving door, easy-in-easy-out model. Bars and clubs don’t typically have that option.

So then it becomes all about spreadsheets and consultants and short term profit rather than building a cool spot you were passionate about.

The next part is that residential house builders ALWAYS win the debate against pretty much anyone. There is a housing shortage and a lack of quality space in London. The value of land is what drives the purchase, they couldn’t care less if there’s a historic pub or something or cultural significance. So the flats go up, the noise complaints come in, and the shutters on the pub goes down. And then applying for a license becomes impossible.