Islington's Laki Kane Bar to Temporarily Close Following Recent Redevelopment
Iconic Islington Bar Laki Kane to Close After Financial Struggles and Neighborhood Changes
Laki Kane, a vibrant tropical cocktail bar and Thai restaurant in the heart of Islington, has announced its closure, just months after its much-anticipated relaunch. The bar, known for its lively bottomless brunches and unforgettable late-night parties, will close its doors for good on September 1, 2025.
The closure comes amidst financial difficulties and changes in the neighborhood. Full accounts filed up to 31 March 2024 on Companies House show that Laki Kane's financial position worsened over the year, shifting from net assets of £15,705 in 2023 to net liabilities of £9,139 in 2024. Owner Georgi Radev stated that despite their best efforts, it no longer made sense to continue operating in the current location.
Rising business costs and changing consumer behaviors in London’s bar scene have posed ongoing challenges. In addition, the neighborhood's changes have played a significant role in the decision to close. Radev plans to return with a new venture but emphasized that the current closure was necessary.
The relaunch of Laki Kane, which took place in April under new management, featured a refreshed venue and a new Caribbean-inspired menu. The bar had won several awards, including Time Out's Best Bar in Islington and GQ's Bar of the Week. Loyal customers received an email yesterday announcing the closure, which also expressed gratitude for the laughs, the late nights, and a whole lot of rum. The notice added that "this may be goodbye for now... but the story isn't over."
The closure of Laki Kane is part of a broader trend affecting retail businesses in London, particularly bars. Last week, London cocktail chain Simmons entered administration and announced plans to close four locations. Retail businesses are facing mounting challenges, including rising business costs and shifting consumer behaviors.
Laki Kane enlisted an external PR firm to promote its relaunch party, which took place at the end of May. The bar's management was contacted for comment regarding its closure but did not respond by the time of publication.
[1] Laki Kane to Close [2] Laki Kane Relaunch [4] Accounts Filed for Laki Kane
[1] The financial struggles in the economy and changes in the neighborhood have led to the closure of the iconic Islington bar, Laki Kane, after its much-anticipated relaunch.[2] Prior to its closure, Laki Kane underwent a refreshed makeover and introduced a new Caribbean-inspired menu during its relaunch.[3] The bar, known for its vibrant atmosphere and acclaimed as Time Out's Best Bar in Islington, filed full accounts for the year up to 31 March 2024, showing a shift from net assets to net liabilities.[4] Mounting challenges such as rising business costs and shifting consumer behaviors in London's bar scene, along with neighborhood changes, have posed ongoing challenges for the bar industry, including Laki Kane and other establishments like Simmons.[5] Amidst this broader trend affecting retail businesses, particularly bars in London, dining establishments such as home-and-garden stores and fashion-and-beauty boutiques, and food-and-drink businesses offering a dining experience like Laki Kane, continue to face similar difficulties.
