A Shocking Closure Amidst Industry Turmoil

SINGAPORE – In a significant blow to the local dining scene, the Prive Group has announced the closure of all its restaurants, marking another casualty in the beleaguered food and beverage industry of 2025.

Commonwealth Concepts to the Rescue?

Two of Prive’s five locations, situated at the Asian Civilisations Museum (ACM), are set to be taken over by Commonwealth Concepts. This group is known for successful food brands like Fat Cow and Pasta Mania, providing a glimmer of hope amidst the upheaval. Commonwealth Concepts' COO, Brian Stampe, confirmed that the existing restaurant, Empress, will continue to serve customers without interruption.

Challenges That Crippled the Business

Yuan Oeij, the chairman of Prive, cited relentless operational costs and a challenging market environment as key factors contributing to this decision. "Business started slowing down noticeably towards the end of 2023 and just got worse each year," he lamented.

Jobs Saved in the Transition

In a statement, Oeij emphasized that the transition to Commonwealth Concepts would protect existing jobs and fulfill prior bookings, giving some stability to his staff. The Prive group, founded in 2007, initially thrived with a flagship restaurant, but has faced mounting obstacles in recent years.

The Wider Impact on F&B in Singapore

The closure is part of a worrying trend; in 2024, there were 3,790 new food businesses launched, yet 3,047 closed their doors, the highest number in nearly two decades. This year alone has seen 1,724 closures as diners tighten their belts amid ongoing economic uncertainties. Notable casualties this year include one-Michelin-starred restaurants Euphoria and Alma by Juan Amador, as well as the well-known hotpot chain Haidilao.

Can the Industry Bounce Back?

As the landscape shifts, even popular chains are feeling the pressure. Japanese ramen hotspots and casual dining brands have exited the market, with some newly launched outlets closing within a year. The situation raises the question: is the love for dining out in Singapore fading? With continued economic strain, restaurateurs and consumers alike are left wondering about the future of the food scene.

What Lies Ahead?

The Prive Group's closure underscores the fragility of the F&B industry. While some brands find ways to adapt, others are caught in a relentless downward spiral. As we navigate this challenging terrain, only time will reveal if the culinary heart of Singapore can beat strong once again.