Woods Restaurant has fallen into administration and has shut with immediate effect.
The business traded at 62 The Pantiles for some 20 years and was run by husband and wife team Karen and Sheridan Woods. It had been up for sale for the last two years but collapsed last week after failing to find a buyer.
The Grade II listed restaurant, which accommodates more than 200 diners inside and outside, has been a popular fixture in the town for the last two decades and a local favourite for Sunday lunch, breakfast and brunch.
The business was listed with a guide price of £197,500 when it was for sale, but high rents and business rates meant any potential buyer would have to have found more than £100,000 a year before other costs.
The rental paid by Woods to The Pantiles owner, Targetfollow, was £68,000 a year, while Business Rates for the property were assessed by Tunbridge Wells Borough Council at £39,000 a year. The restaurant had an annual turnover of £631,000.
A popular Tunbridge Wells pub also closed at the weekend. The George and Dragon in Speldhurst has changed hands and is expected to ‘reopen in the coming weeks’.
