500 pubs called time last year as sector was buffeted
Number of pubs and bars going bust soared last year as sector was buffeted by rising costs and falling sales
The number of pubs and bars going bust soared last year as the sector was buffeted by rising costs and falling sales.
In 2022, 512 pubs and bars collapsed into administration, an 83 per cent increase on the previous year, according to accountancy firm UHY Hacker Young.
Squeeze: In 2022, 512 pubs and bars collapsed into administration, an 83 per cent increase on the previous year
The surge was blamed on the cost of living squeeze, which restricted the amount of money that customers spent on socialising, while rail strikes also restricted travel.
‘This is a particularly difficult period for pub and bar owners,’ said UHY partner Peter Kubik.
‘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.’