Research unveiled by accountancy group UHY Hacker Young shows that the UK's top 100 restaurants returned to profitability in 2022, after four years of consecutive losses.
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Footfall across the hospitality sector is up on 2019 levels in Britain’s key cities, although high inflation and rail strikes remain major concerns.
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The amount restaurant owners are borrowing to keep their own businesses afloat has increased 12% in the past year, from £377 million in 2020/21, to over £424 million in 2021/22, says Mazars, the audit, tax and advisory firm.
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The average amount consumers spend each month in restaurants, takeaways and pubs has fallen since the start of the pandemic, with restaurants the hardest hit, new research has found.
An independent survey of 2,000 UK adults, conducted by Peckwater Brands, claims rising inflation and energy costs have reduced consumer spending, leaving hospitality businesses at risk.
Restaurants have seen the highest drop-off in consumer spending since the start of 2020, down 16% from £58.90 per person per month to £49.30. Spending in pubs fell 14.6% from £47.90 to £40.90, while spending on takeaways saw the lowest reduction, falling just 10% from £47.70 to £42.30.
While the cost-of-living crisis continues to loom large, the majority (63%) of UK adults surveyed said they still consider takeaways a treat they look forward to, with 34% intending to continually get them regularly (at least once per month) with 33% budgeting for this expense.
Aimed at indies and restaurants, DO Rueda’s new marketing campaign is inviting sign-ups to join in the promotion of Rueda wines across the UK.
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Hospitality has lost 2,200 licenced venues in three months as crippling costs and staffing issues continue to hit business operators.
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Businesses are facing a brutal decision this winter: charge customers to keep the lights on, or risk going bust under eye-watering energy bills.
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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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The national accountancy group, UHY Hacker Young, has revealed that a record 64% of the UK’s top 100 restaurant companies are now making a loss.
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UK restaurant insolvencies have jumped 64% from 856 in 2020/21 to 1,406 in the past year as rising inflation and labour shortages drive restaurants out of business.
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According to the latest data from Lumina Intelligence, consumer spending in the on-trade has declined by -9%, in the 12 weeks ending 20/03/2022.
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On Monday, Prime Minister Boris Johnson announced his ‘Living with Covid plan’, which will see England end all of its remaining legal coronavirus rules on Thursday, including contact tracing.
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Sales of alcohol in the on-trade have continued to lag behind the levels seen in 2020, according to the latest CGA Drinks Recovery Tracker, yet a resurgence is forecast as Plan B restrictions come to an end this week.
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New figures from UKHospitality show that pubs, bars and restaurants lost £10,335 on average in the week leading up to Christmas, due to fears over the new Covid-19 variant.
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New figures released by UKHospitality indicate that a normally buoyant – and vital – month is set to be a disaster for the hospitality sector.
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Consumers are increasingly dining out with more going to restaurants, pubs and bars, the latest update to the Lumina Intelligence UK Eating Out Market Report 2021 has found.
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Jo Gilbert reports from last month’s Casual Dining Show, where the FutureFoodservice report, The Rebuilding of Hospitality, predicted the shift of the sector towards faster, ‘social re-fuelling’ occasions
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Over 200 hospitality CEOs have signed a letter urging the Chancellor Rishi Sunak to permanently keep VAT at 12.5%.
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Dine-in occasions are on the rise as consumers return in-person to restaurants – a shift in consumption patterns which has resulted in greater buy-in for drinks.
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Deliveries and takeaways are set to maintain a “significant share” of restaurant and pub groups’ operations despite restrictions on indoor service lifting following Freedom Day, the latest CGA & Slerp Hospitality at Home Tracker has predicted.
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