‘Heavy hearts’: Popular Brisbane burger chain Wing Fix reveals reason for closure

A popular burger chain has become just the latest Australian business to go under, with the owners revealing the sad reason for the decision.

A popular burger chain has become just the latest Australian business to go under, with the owners revealing the sad reason for the decision.

Wing Fix, which had venues in Brisbane’s Coorparoo and Newmarket, went into liquidation last month, announcing “with really heavy hearts” the “end of an era”.

“Unfortunately unprecedented economic times and increasing costs have forced us to make the very difficult decision to close our doors,” Wing Fix wrote in a Facebook post announcing the November 13 closure.

“We would like to thank everyone, past and present, customers, staff, landlords, suppliers who have been on this journey with us.

“From starting as a little market stall, to opening our flagship Coorparoo store and weathering the Covid storm followed closely by unprecedented interest rate rises, it has certainly been a wild ride.

“Thank you Wing Kings and Queens. It’s not goodbye for us, it’s just see you later.”

Wing Fix in Brisbane closed its doors last month. Picture: Facebook

Speaking to The Courier-Mail on Tuesday, owners Peter and Ross Jacobi said it had been an incredibly tough five years, but in particular the last two years.

“Over the past 12 months, we’ve had protein go up 30 per cent, beets go up 25 per cent, dairy has gone up 20 per cent fresh produce, 10 to 15 per cent flour goes into our burger buns,” Mr Jacobi said.

“When you combine that with a decrease in sales and already fine margins and people who already can’t afford to eat out and it needs to become more expensive to become more viable for the business.”

The number of businesses entering insolvency jumped by 43 per cent in the first three months of the financial year, the latest figures from the corporate regulator show.

From July 1 to September 29, 3568 companies entered external administration or had a controller appointed, an increase of 1073 compared with the same three-month period in 2023.

The number of accommodation and food services businesses going under more than doubled to 695, rapidly catching up to the construction sector which saw 876 in total but only an 11.6 per cent year-on-year increase.

Ross and Peter Jacobi. Picture: Lyndon Mechielsen/Courier-Mail

Credit reporting bureau CreditorWatch warned in October hospitality businesses were facing an extremely high level of risk compared to other sectors, with 16.2 per cent rated as high or very high risk.

That was significantly higher than the second-ranked category, administrative and support services at 7.2 per cent, and arts and recreation services at 7 per cent.

Businesses in the food and beverage services are currently struggling under higher interest rates, increased input costs, energy price rises, reduced visitation in CBD locations and lower consumer demand due to cost-of-living pressures, CreditorWatch noted.

CreditorWatch chief executive Patrick Coghlan said businesses in sectors such as hospitality and the arts were unlikely to see an improvement in conditions until the RBA begins cutting interest rates.

“These industries that are heavily reliant on discretionary spending will, unfortunately, continue to find it tough until consumers feel a reduction in cost-of-living pressures, which won’t happen until we see a couple of rate cuts,” he said.

“Discretionary spending is one of the few ways that consumers can actively cuts costs, whether that’s eating out less, buying fewer coffees at cafes or not seeing so many concerts or theatre shows.”