Accountancy group UHY Hacker Young has said that pub insolvencies rose from 280 to 512 over the past year who are being faced with rising energy costs, the cost of living crisis and interest rates are all affecting the price of a pint.
The number of pubs calling last orders is rising and the rail strikes has stopped people from being able to travel to city pubs.
Peter Kubik of UHY Hacker Young said, “It’s deeply concerning that so many pubs and bars are closing their doors.
“In addition to the financial consequences for owners and employees, the loss of a pub can be felt quite keenly by the community.
“This is a particularly difficult period for pub and bar owners, who find they need to spend more and more while earning less and less.
“Following an extended period of lost revenues during the pandemic, the cost-of-living crisis has been the final nail in the coffin for many.
“Perhaps the Government should consider what it can do to alleviate pressures, for instance, by extending the energy bill relief scheme for the hospitality sector.”
