Mark told the Daily Mail that he and his brother, who are the sons of legendary radio and television broadcaster Terry Wogan, are sorting out a restructure that the business can afford in order to keep going.
“The cost of production has gone up dramatically,” he said.
He explained that profitability is around ‘half of what it was pre-2019’, and the number of diners prepared to spend is ‘remorselessly declining’.
It was reported in December that Homeslice, which was founded back in 2011 and specialises in 20-inch pizzas served whole or by the slice, had appointed Begbies Traynor as administrators.
The group opened its first restaurant in early 2013 and currently operates three sites in the capital in Neal’s Yard in Covent Garden, the City, and Marylebone.
According to the Mail, key creditors to the group include HMRC, which is owed £485,000; and Lloyds Bank, which is owed slightly more at £517,000.
Alan Wogan is himself a creditor to the tune of £470,000.
Mark said the pair would not desert their people and creditors, despite the critical challenges facing the business.
“Rents are significant, but people are more significant,” he continued.
“We have good people who rely on Homeslice for their living. We have a lot of staff who’ve been with us seven plus years.
“It’s really important that, as an owner, I provide them with a living going forward. It’s very important to honour the creditors – it’s not who I am otherwise.”
