Rising fish prices forces closure of seafood restaurant Eighty Eight Seafood and Grill in Old Noarlunga

The owners of the restaurant in Adelaide’s south said they discovered a big problem after running the numbers.

The skyrocketing price of fish has contributed to the closure of a popular seafood restaurant in Adelaide’s south.

Eighty Eight Seafood and Grill, on Victor Harbor Road, Old Noarlunga, shut it doors permanently on Wednesday, with owner Bill Moularas saying rising business costs and the ongoing impact of the pandemic left him with no other option.

“It’s heart-wrenching. Recovering from Covid was hard but the last three years has been harder and harder … costs have only gone up and profit margins are shrinking,” said Mr Moularas.

A dish at Eighty Eight Seafood and Grill in Old Noarlunga. Picture: Social Media

Prawn pasta at Eighty Eight Seafood and Grill in Old Noarlunga. Picture: Social Media

“We ran the numbers and the restaurant had to be full every night just to break even.

“This has been on the cards for a while … it’s just been mentally draining.”

Mr Moularas, 37, said the price of fish had risen by more than 60 per cent in some cases over the last five years.

Salmon now retailed for about $65/kg (up from $38.99kg), flathead was $70kg (up from $48.99kg) and kingfish was $80+/kg (up from $48.99kg), and more customers were choosing to buy fresh and cook it at home, Mr Moularas said.

“People have less money to spend now, and all business costs are rising, everything from insurance to wages, power, and rent,” he said.

A plate of oysters at Eighty Eight Seafood and Grill in Old Noarlunga. Picture: Social Media

Eighty Eight Seafood and Grill opened in September 2019 as a sister restaurant to Seafood Chest, a fresh seafood store in the same building. Seafood Chest, which launched in 2007, will continue to operate in the same location.

A host of hospitality venues have shut for good in recent months, including Four Sides Bar & Kitchen in Hyde Park, Landough’s at Brighton, Stem on Hindley St, modern Vietnamese eatery Little NNQ on Gouger St and Firle restaurant BaliThai, on Glynburn Rd.

Mr Moularas said the industry was in crisis and trying to run a small business is as “tough as it’s ever been”.

Eighty Eight Seafood and Grill in Adelaide is closing down. Picture: Social Media

The view from the dining room at Eighty Eight Seafood and Grill. Picture: Social Media

“People are just starting to realise it now,” he said.

“Places that have been around for 20-30 years are closing because they can’t make any money.

“I’d pray for Covid to come back – in the spending sense, of course. People actually had money to spend, they weren’t going overseas.”

As more venues close each week, Mr Moularas urged people to support their local shop – before it’s too late.

“There’s a lot of hospo people out there struggling and there are people complaining about a $2 surcharge. Just pay the money. They don’t understand how hard hospo is right now,” he said.

“People need to back in their favourite corner store or it won’t be around anymore, and you’ll be kicking yourself.”