29/07/2025 13:13:00
Business secretary Jonathan Reynolds has said that the government's objective is to permanently lower business rates for retail, hospitality and leisure. He told The Sun on Sunday: "It is a disproportionate tax burden. I believe the objective is to have that in the autumn Budget." He admitted businesses have been hit hard by the hike in national insurance contribution taxes, saying "there is a cost - you can't deny that". Propel
The "punk" brewer, once valued at as much as £2 billion, is set to close as many as 10 sites across the UK. Among those closing are three in London: those in Shepherds Bush, Shoreditch and Camden, reports Propel. It comes after pre-tax losses at the business spiralled in recent years, growing from £30.5m in 2022 to £59m in 2023. James Taylor, chief executive of BrewDog, told the Telegraph the company was profitable on an Ebitda basis in 2024 but admitted full results, when made available, will not show a return to the black.
Mitchells & Butlers (M&B) has reported that its sales growth remained well ahead of the market through its third quarter, benefiting from Easter trading and recent sunny weather, with like-for-like sales growth for the year to date - 42 weeks to 19 July 2025 - increased by 4.5%. The business said that it had successfully refinanced its unsecured £150m debt facility extending to July 2028, says Propel. The company said: "Despite well publicised cost inflation challenges facing the sector we remain encouraged by the continued strong performance of the business.
Pub operator Upham Inns has acquired 14 pubs from Oakman as the administration came into effect on 21 July. Upham Inns, said: "We look forward to welcoming the new team into our family and working together to create an exciting premium pub group, now with 28 fabulous locations." reports The Caterer. The remaining 6 sites were closed resulting in the loss of 159 jobs.
Confidence among British consumers weakened this month, as speculation grew that Rachel Reeves may announce further tax rises in the autumn budget, a closely watched survey has found. The Times reports that GfK's long-running consumer confidence index - a measure of how people view their personal finances and broader economic outlook - dipped by one point in July. The fall erased gains made over the previous two months and left the index standing at -19, which is below the long-run average of -10.
According to the Office for National Statistics, 84,000 hospitality roles have been lost since chancellor Rachel Reeves announced the NIC and NLW changes in October 2024. According to The Caterer, hospitality has accounted for 45% of all job losses since in the additional tax burden, with UKHospitality estimating an increase of 13,000 jobs lost in a month. UKHospitality chair Kate Nicholls said: "These devastating job losses are a direct consequence of policy decisions at last year's Budget, which have disproportionately hit the hospitality sector."
Latest UK borrowing raises spectre of chancellor 'coming at the sector yet again': UK government borrowing was £20.7bn in June, up £6.6bn from the same month last year, according to new data from the Office for National Statistics (ONS). It was the second-highest June figure since monthly records began in 1993. Propel reported analysts have told the BBC it is increasingly likely that the chancellor will have to raise taxes at the Budget in the autumn.