Michael Kill CEO NTIA says:
“It’s clear that Night Time Economy and Hospitality businesses have a huge part to play in the economic growth and recovery of the UK.”
“Figures highlighted that Pubs, Bars and venues have benefited from the World Cup through November, experiencing 30-40% increase in trade on match days, with restaurants reporting that they had a more challenging trading period when matches were being shown.”
“With operating costs remaining extremely high, independent business in particular will be at their most vulnerable, following a challenging festive trading period, where over 50% have stated that they have not built enough cash reserves to survive early 2023.”
“The figures also highlight the impact of industrial action on the sector, with lost sales during the festive period, transport disruption and cost inflation having a greater impact on next months figures.”
“Inflation is still a huge issue, the level of uncertainty has been exacerbated by a nonsensical energy relief scheme from April and consumer confidence is still extremely challenging.”
