05/07/2022
The Government has been urged to introduce a permanent tax relief, which could encourage investment by businesses, one trade body has stated. The British Beer & Pub Association (BBPA) has responded to the Government's consultation on capital allowances and supported calls by other trade bodies to introduce a permanent 100% deduction for investment in capital allowance. This followed research that found less than a third (28%) of hospitality firms are currently considering investment due to the challenging economic climate, reports Morning Advertiser.
The Night Time Industries Association (NTIA) has said the Government must recognise the 'economic, cultural, and community value' of the night time economy. It comes after Labour's Shadow Levelling Up Secretary, Lisa Nandy, said that reopening once-loved nightclubs in struggling town and city centres could help to revive the high streets and boost the economy reports Big Hospitality.
Britain's biggest pubs operator is exploring a sale of a 75-strong portfolio that could command a price-tag of up to £100m. Sky News advises that Stonegate Group, which owns the Slug & Lettuce and Be At One brands, has hired advisers to gauge potential buyers' appetite for the pubs, which are located mainly in London and south-east England.
Nearly half of UK hospitality firms are planning to hike their prices this month as soaring costs continue to batter balance sheets, latest Office for National Statistics (ONS) data has revealed. The ONS' closely-watched fortnightly business survey found that 46% of food and accommodation businesses expect to increase prices in July, advises The Caterer. A quarter (25%) of hospitality firms also said they expect their turnover to decrease this month.
Red Oak Taverns, the pub company led by Mark Grunnell and Aaron Brown, has completed the acquisition of three tied tenanted pubs from Liberation Group for an undisclosed sum, reports Pub & Bar. This is the first portfolio acquisition for Red Oak since a major refinancing of the business in March.
There are fewer pubs in England and Wales than ever before, according to analysis that sheds light on the ruinous impact of the coronavirus pandemic and soaring business costs. The total number of pubs dropped below 40,000 during the first half of 2022, a fall of more than 7,000 compared with a decade ago, reports The Guardian.
Pub licensees will need access to BT Sport to satisfy football fans after the network announced it will show three European competitions until 2027 advises Morning Advertiser.