Pub and bar insolvencies jump 30% in past year
Footfall for pubs is also being affected by the rising number of non-drinkers in the UK, with 26% of people aged 16-24 now teetotal
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The number of insolvencies of pub and bar companies has jumped 30% in the past year, according to data from UHY Hacker Young.
For the year ended 30 April 2024, 784 hospitality businesses went under compared with 602 insolvencies in the year ended 30 April 2023.
Pub and bar insolvencies continued to rise over the last year with fewer and fewer people willing or able to pay an average of £4.75 across the UK for a pint.
Footfall for pubs is also being affected by the rising number of non-drinkers in the UK, with 26% of people aged 16-24 now teetotal, according to Drinkaware.
Peter Kubik, partner at UHY Hacker Young, said: “With money tight for many households, current alcohol prices means more people are choosing to drink at home instead of going out. The pub and bar industry has struggled for a long time but the last two years have been particularly difficult.
“The new government will have to overhaul the current rate system in order to help the high street. After a year of rising insolvencies, pubs and bars are hoping that the boost of the Euros will mean a stronger summer of trading. That’s only likely to be transitory, however.”
