Dabiz Muñoz recorded a loss of around 3 million euros in 2022, but was saved thanks to government intervention
In Italy there has been a lot of talk about the red deficit with which the well-known chef Carlo Cracco closed his 2022 budget. But in the culinary world, challenges are not only faced with the blow of pans, but also with blows of debt, as he has demonstrated the irreverent Madrid chef Dabiz Muñoz, who, according to Gamberosso.it, finds himself closing the accounts with a financial shortfall that well exceeds 3 million euros.
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The stars and recognition, while deserved, were not enough to save Muñoz from the financial abyss. The Three Michelin Stars, the victory for two consecutive years at The Best Chef Award and the favor of food critics who placed it in third place in the list of the best restaurants in the world were unable to stem the sudden economic collapse.
Pig Wings is behind Muñoz’s gastronomic successes, including the acclaimed DiverXO, Madrid’s culinary gem. The idea that such a prestigious holding company could record such a monumental loss was almost unthinkable. Yet, reality has shown that even giants can stumble.
The image that emerges is that of an ultra-luxury gastronomic experience, supported by prices that reflect this exclusivity. Already in 2022, Muñoz had decided to raise the price of his tasting menu from 250 euros to 365 euros, the highest in Spain. Added to this was the wine pairing, the cost of which ranged between 300 and 600 euros per person. However, it appears that these high prices were not enough to keep Pig Wings’ finances in balance.
The hardest blow for Muñoz was the sudden bankruptcy of StreetXO London, an ambitious project that had seen the light only a few months before the start of the pandemic. The sad fate of this restaurant was caused not only by the difficult global health situation, but also by profound differences with its London partners. The vision of the virtuous Spanish chef and that of his collaborators were not aligned, leading to the disastrous epilogue of the London adventure.
Despite these financial challenges and the loss of StreetXO London, fortunately, Pig Wings’ holding company and its crown jewel, DiverXO, do not appear to be at imminent risk thanks to the providential intervention of the Spanish government under the leadership of Pedro Sanchez. Muñoz’s 3 million economic deficit did not go unnoticed by the watchful eyes of the Spanish government, always attentive to the world of the food industry. In a surprising gesture, the president signed a moratorium that threw a lifesaver to Pig Wings, Muñoz’s food empire.
While the future may still present challenges, the Spanish gastronomic world and fans of Dabiz Muñoz breathe a sigh of relief, knowing that their “enfant prodigy” of Spanish cuisine has gotten a second chance to continue delighting them with his culinary creations extraordinary.
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