There was a surge in pub and bar companies collapsing last year, new figures show.
Pub and bar bankruptcies across the UK rose from 280 in 2021 to 512 last year, accountancy group UHY Hacker Young said.
That’s the highest total in a decade, as hospitality venues were hit by rising costs due to the energy price crunch, and tepid demand.
Peter Kubik of UHY Hacker Young says the cost of living crisis has made it hard for hospitality firms to keep operating.
“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. Following an extended period of lost revenues during the pandemic, the cost-of-living crisis has been the final nail in the coffin for many.
“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.”