Research undertaken by accountancy firm Price Bailey has found that more than one in 10 (12%) restaurants are at imminent risk of closure, a result of declining consumer confidence and ongoing inflation.
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New government data indicates a slight reprieve for the hospitality sector, as accommodation and food service insolvencies fell 16% month-on-month in August 2024.
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More than one in ten British pubs are at imminent risk of closure, with 11% of the UK’s pubs classed as technically insolvent and facing maximum credit risk, according to analysis by accountancy firm Price Bailey.
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UKHospitality (UKH)chief executive Kate Nicholls has written an urgent letter to the UK government, outlining the potential disaster facing thousands of businesses in light of the energy crisis.
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A majority of business leaders now feel optimistic about market prospects for the next 12 months, while consumers are increasingly confident about going out, according the latest Future Shock report from CGA and UK Hospitality (UKH).
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Local shops and businesses are on a ‘cliff edge’, with one in 10 facing permanent closure without a successful Christmas trading period.
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Top chef James Sommerin has spoken about the cruel circumstances surrounding the closure of his family restaurant after the pressures of Covid-19 became too much to bear.
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Portuguese closure manufacturer Cork Supply has unveiled new TCA extraction technology that it claims can achieve a success rate of 99.85% in eliminating the risk of cork taint in cork-sealed wines.
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Fields, Morris & Verdin (FMV) is understood to be in consultation with its staff over the future of the company.
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The quarterly rent due 24 June, just a day after PM Boris Johnson relaxed the 2 metre rule while confirming 4 July reopening for hospitality, comes as a sobering reminder that the on-trade’s woes are far from over.
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UK Hospitality has again called on the UK government to intervene in the ongoing rent stalemate to prevent “widespread job losses and business failures” across the sector.
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An extended period of social distancing could cost one million jobs unless measures to protect hospitality businesses are put in place, UK Hospitality (UKH) has warned.
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TIM ATKIN MW
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Wine closures giant Vinventions is the latest to re-affirm its commitment to sustainability via several new initiatives aimed at reducing waste and reaching zero carbon emissions.
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The number of licenced restaurant in the UK has fallen by -1.3% in the twelve months to March 2018, with the total number dining outlets also falling by 0.4%, according to the recent Market Growth Monitor report from CGA.
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The industry has been split on the issue of cork versus screwcap for years, but now consumers are calling the shots, as Lisa Riley reports
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