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 โby far the most significant increaseโ because of Labourโs 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 employerโs national insurance contributions.
Chief executive Phil Urban said the groupโs costs will soar by 5% or ยฃ100 million in 2024/25, warning that by spring prices will rise, he added, โweโll probably have to go harder to cover the latest cost increases.โ
M&B added, โIn 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.
โThe 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
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