Pubs are closing at record rates, leaving thirsty punters unable to grab a pint, a new report has found.
The hospitality industry has been left reeling tha the news that the number of pubs and bar companies closing down has risen by 180% in the last recorded year.
According to accountancy group UHY Hacker Young, 512 boozers closed through insolvency in 2022 compared to 280 in 2021.
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And that, coupled with the news of Wetherspoon and Stonegate declaring mass closures last week, has rocket the sector.
Peer Kubik from UHY Hacker Young has claimed that the blame for it falls squarely on two things – the Coronavirus Pandemic and the cost of living crisis.
He said: “It’s deeply concerning that so many pubs and bars are closing their doors. In addition to the financial consequences for owners and employees, the loss of a pub can be felt quite keenly by the community.
“This is a particularly difficult period for pub and bar owners, who find they need to spend more and more while earning less and less.
“Perhaps the government should consider what it can do to alleviate pressures, for instance, by extending the energy bill relief scheme for the hospitality sector.”
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The plight of the industry could worsen in just a few months time, after a joint survey from UK Hospitality, Hospitality Ulster, British Beer and Pub Association, and the British Institute of Innkeeping found that around 23 of their members had less than three months cash reserves left in the bank – despite reports that pubs sold more drinks every week in January this year compared to 12 months ago.
It is hoped that Chancellor Jeremy Hunt will announce some sector-saving measures in his budget on March 15, however, although no hints or confirmation of that will be released ahead of the official reading in the House of Commons.
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