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This emerges from government data compiled by property consultant Altus Group and published on Monday. A total of 383 bars were demolished or converted into apartments, offices and kindergartens in the first half of the year. That was around two every day, the same number as the whole of 2022, when 386 restaurants closed. There were still 39,404 pubs in England and Wales at the end of June.
Altus expert Alex Probyn has called on Chancellor of the Exchequer Jeremy Hunt to tone down property tax increases planned for April. Restaurants suffered from high energy costs, low economic growth, and high interest rates. “An average increase in property tax of 12,385 pounds (13,767 francs) next year is the last thing pubs need,” Probyn said.
Experts blame the problems in the sector on increasing energy, labor and wholesale prices, as well as the decrease in consumers’ disposable income. Many passengers also stayed away from the railway due to strikes in rail transport.
Large chains such as market leader Wetherspoons, which recently closed dozens of bars, have been just as affected as smaller bars. According to analysis, there is growth in independent craft beer purveyors or themed bars.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
