Business

A survey by hospitality trade associations has revealed that rising employment costs and reduced rates relief in April will force 70% of businesses to cut jobs, threatening workers’ incomes. The survey by The British Beer and Pub Association, the British Institute of Innkeeping, Hospitality Ulster and UKHospitality also revealed that…

Accommodation and food services insolvencies were down 7% year-on-year from 3,737 in 2023 to 3,464 in 2024, according to data from the Office for National Statistics (ONS). Insolvencies in the sector saw an even bigger drop month-on-month, down 31% from 327 in November 2024 to 224 in December 2024 and…

Red Engine, the hospitality group behind Flight Club and Electric Shuffle, has unveiled its 2025 global expansion plans as its Q4 sales increased 24% to £25.3m. Its sales combined with its franchise partners reached £38.4m, up 23% year-on-year, with like-for-like sales increasing by 4%. Building on this success, Red Engine’s…

The Bank of England (BoE) has voted to cut interest rates from 4.75% to 4.5%, the lowest level since June 2023, but warned that GDP growth has been “weaker than expected”. At its meeting this week, the bank’s monetary policy committee voted by a majority of 7–2 to reduce the…

Britain’s pubs, restaurants and hotels overcame widespread challenges to end 2024 with virtually the same number of premises as 12 months earlier. Data from hospitality data and insight consultancy CGA shows a total of 99,120 outlets operating in December 2024, compared with 99,113 in December 2023. It represents a year…

Food and beverage was the highest performing sector of the economy in November, according to November GDP estimates released by the Office for National Statistics (ONS). The accommodation and food service activities subsector saw output rise by 2.0% in the month, following a fall of 1.2% in October 2024. Both…

It has been revealed that 27,951 hospitality venues closed their doors between March 2020 and September 2024 at a rate of 119 per week, according to data from CGA. However, 12,767 have opened during that time, either in vacated premises or in converted or new-build sites. The net result is…

The hospitality industry accounted for 10% of administrations in 2024 – the fourth highest sector in the UK – according to analysis by full-service law firm Shakespeare Martineau. A total of 1,718 businesses, 172 of which came from the hospitality sector, filed for administration – marking a 28% and 5%…

The Bank of England (BoE) has voted to hold interest rates at 4.75%, following a recent hike in both inflation and wage growth.  At its meeting this week, the bank’s monetary policy committee voted by a majority of 6–3 to maintain the current rate. Three members voted to reduce interest…

Insolvencies in the accommodation and food services sector were down 24% to 253 in October 2024, down from 332 in October 2023. In addition, insolvencies in the sector saw another month-on-month decrease from 261 in September 2024 to 253 October 2024. Saxon Moseley, partner and head of leisure and hospitality…