Refresh

This website londonlovesbusiness.com/toby-carvery-owner-warns-of-price-rises-due-to-the-budget/ is currently offline. Cloudflare's Always Online™ shows a snapshot of this web page from the Internet Archive's Wayback Machine. To check for the live version, click Refresh.

Home Breaking NewsToby Carvery owner warns of price rises due to the Budget

Toby Carvery owner warns of price rises due to the Budget

by Amy Johnson LLB Finance Reporter
27th Nov 24 10:46 am

Mitchells & Butlers who owns Toby Carvery has warned they will have to increase their prices for customers as the Autumn Budget will increase their costs by around ยฃ100 million in 2025.

The group who owns All Bar One said higher wage costs is โ€œby far the most significant increaseโ€ because of Labourโ€™s Budget in October.

M&B told PA news agency said they are facing ยฃ23 million in extra costs annually due to the rise in minimum wage and employerโ€™s national insurance contributions.

Chief executive Phil Urban said the groupโ€™s costs will soar by 5% or ยฃ100 million in 2024/25, warning that by spring prices will rise, he added, โ€œweโ€™ll probably have to go harder to cover the latest cost increases.โ€

M&B added, โ€œIn the year ahead, the main uncertainties facing the group are considered to be the maintenance of sales growth in the face of pressure on consumer spending power, and the rate of cost inflation.

โ€œThe outlook for these is uncertain and will depend on a number of factors, including consumer confidence, global political developments, supply chain disruptions and government policies.โ€

Leave a Comment

You may also like

CLOSE AD

Sign up to our daily news alerts

[ms-form id=1]