28/11/2023 10:07:00
Many pubs and bars breathed a sigh of relief on 22 November, as the chancellor Jeremy Hunt confirmed that the 75% business rates relief will be extended until 2025, advises Pub & Bar. Hunt also froze the Small Business Multiplier, which will affect some operators, but the Standard Multiplier - where a business' rateable value is £51,000 or more - will rise with inflation. In an immediate reaction on social media, UKHospitality CEO Kate Nicholls pointed out that "many small businesses operate from larger standard rated premises, particularly hospitality. The standard multiplier rising by 6.4% will see businesses representing almost two-thirds of the sector's trade still facing a £150m rates hike," she later added in a statement.
The East London Pub Company has gone into administration, although the businesses four sites are continuing to trade. The company, which was led by Padraic Frawley, includes The Ten Bells in Spitalfields, The Gun in Brushfield Street, Spitalfields, The Saxon in Clapham High Street and the Lock Tavern in Chalk Farm Road. According to records filed with Companies House Frawley, who founded the operation in 2014 stepped down as director on 10 November and administrators from Kroll Advisory were appointed on 16 November, reports Morning Advertiser. A statement from the administrators said: "Sarah Rayment and Janet Burt of Kroll were appointment as joint administrators of East London Taverns Limited, East London Pub Co Limited, Lock Tavern Limited, Clapham Tavern Limited, Gun Tavern Limited on 16 November 2023. The business of the companies continue to trade as usual especially in the lead up to the busy Christmas period."
Visits to the UK have increased 112% year-on-year, but is still 9% short of 2019 levels, as tourism continues to return following the pandemic. The latest Office for National Statistics data has demonstrated that visits to the UK contributed £30b to the country, according to UKHospitality. The Caterer reports that the trade body is now calling for measures to make the UK more competitive and attract more visitors to the UK to exceed pre-pandemic levels. UKHospitality chief executive Kate Nicholls said: "These figures are really encouraging and show that tourism is making a strong, albeit delayed, recovery from the pandemic. The UK is a top destination for foreign visitors, with our superb hospitality offering, culture and extensive history, and these figures show the continued demand to visit. However, it is worrying that we still remain almost 10% behind pre-pandemic levels. Our 20% rate of VAT ranks among the highest in Europe and the introduction of tourist taxes in Scotland and Wales will further add to the cost of visiting."
In the latest Hospitality Investor Sentiment Index from Questex, investors are looking to focus on opportunities within the corporate and urban markets for 2024. Corporate business is expected to bounce back in 2024 with confidence growing 4.6 points to an index score of 52.8 in Q4 2023, advises Boutique Hotel News. By contrast, while leisure travel is expected to remain strong, socio-economic and climate change issues are leading investors to predict slower growth in this sector. Confidence in leisure demand in the next 12 months has fallen by 10.9 points to an index score of 44.4 - the lowest since the survey relaunched. This shift in confidence means appetite for resort investment has shrunk by six points to 48.5, the lowest it has been this year, whereas focus on urban investments have seen an 11.3 point increase in the last quarter.
Jeremy Joseph owner of the incredibly popular GAY Late, announced last night on Instagram he will permanently close its doors on Sunday, December 10. Joseph set out his reasons for the closure as access difficulties and an alarming spike in attacks on customers and the team working at the club coming and going from the venue, reports Hospitality & Catering News. G-A-Y Late provided hospitality to people in the LGBTQ community. Joseph's announcement offered one positive, he and his team are working on expanding capacity at sister club Heaven and making the club more accessible to and inclusive for disabled visitors.
Oakman Group has agreed a 35-year lease with St Albans City & District Council to redevelop the historic Batchwood Hall in St Albans. Pub & Bar says The Hall is surrounded by woodland and the Batchwood golf course, and has lain empty since the pandemic. Oakman's CEO Peter Borg-Neal has said work to restore the Hall is scheduled to begin next year after the necessary planning permissions have been granted, with the venue likely to open for business in 2025. "We are delighted to have been selected by the council to revive this important historic building," he says.
The competitive socialising sector has grown extensively in recent years, with a 38% uptick in venues since 2018, reports the Restaurant.