Pubs, bars and restaurants see bills surge 81%
Pubs, bars and restaurants see bills rise 81% as hospitality industry reels from extreme energy and food costs
According to new figures, bills from pubs, bars and restaurants have increased by 81 percent in the past year.
Rising energy prices and more expensive food and labor costs are behind the increase, according to research by NielsenIQ commissioned by a group of industry associations.
Only 29% of hospitality businesses said they were optimistic about the next 12 months, with energy costs a major concern.
With gas prices soaring after Russia’s invasion of Ukraine, many companies are stuck paying bills significantly above market rates after signing long-term, fixed-rate contracts last year.
This weighed on profitability and led to thousands of high street closures.
The British Institute of Innkeeping, UKHospitality, the British Beer and Pub Association and Hospitality Ulster – who commissioned the study – called on the government to step up its efforts to ensure more businesses are not forced to close.
It comes after the government halted the utility bill relief scheme, which provided a discount on wholesale gas and electricity prices for pubs and restaurants.