Anthony Demetre and Will Smith, the owners of the Michelin-starred restaurant Arbutus, have shelved plans to open a new site in the City of London, as a direct result of the economic slowdown. The partners, who opened their latest restaurant Wild Honey in Mayfair in May last year, said that despite being in negotiations over a site in Smithfield, they had decided to put the new opening on hold for six to 12 months and then reassess the market. Smith told Bloomberg: “We've got two restaurants that are operating very solidly but we felt times are going to get tougher and we're not sure we should be contracting on a third unit and taking our eye of our other businesses. “People's food bills are going up, utility bills are going up, petrol is going up and house prices are dropping, which may make people think harder about spending their hard-earned cash. “We're confident about what we want to do, but there's plenty of time in future to expand. Now we want to wait and see.” Smith said that he still felt that Smithfield was the place to open in the future and that he was hoping that the credit crunch could benefit them; with a shakeout meaning they were more likely to find a good site in the coming months. Despite the current economic climate, other operators are still opening in the City, with Chris and Jeff Galvin set to open their third Galvin restaurant close to the financial district in Spital Square and the Cinnamon Club, the Indian eaterie owned by Rohit Chugh, scheduled to launch in the area in November.