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One third of UK’s hospitality sector risks business failure
Trade association UKHospitality says over one-third of businesses are expecting to be operating at a loss or be unviable by the end of the year.
A new survey by UKHospitality, the British Beer and Pub Association, the British Institute of Innkeeping and Hospitality Ulster also found 93% facing food price inflation.
More than three-quarters of operators (77%) see a decrease in people eating and drinking out and 85% expect this to worsen .
As a result, 89% are either not confident or pessimistic that the current levels of support offered by government will protect the industry in the next six months.
In a joint statement, the trade associations said: “The results clearly lay out the stark situation facing hospitality businesses, with many on the brink.”
“The vulnerability of the sector due to soaring energy costs, crippling rises in the cost of goods and dampening consumer confidence.“
“If urgent action isn’t taken, it is looking incredibly likely that we will lose a significant chunk of Britain’s hospitality sector in the coming weeks and months.”
“Prior to the energy crisis, the sector was showing signs of having bounced back strongly.”
“If the Government wants to be turbo-charging sectors of the economy, our dynamic hospitality industry is primed to grow. But it needs to survive this generational crisis first.”
.”We would all encourage the new Prime Minister to work with the sector on these suggested measures.”
Ray Monty
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