HOSPITALITY bosses fear for the future — with a third worried their firm will not survive another 12 months because of rising costs.
And 70 per cent say they will need to increase prices again to survive.
Restaurants, takeaways, cafés and bars are all struggling with surging costs, including higher energy bills — and almost half are currently operating at a loss, Peckwater Brands' research found.
The firm’s CEO, Sam Martin, said: “Record food inflation, skyrocketing energy bills and falling consumer spending are all having a notable impact.”
Hospitality firms have floundered since Covid, which caused major losses.
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Many were badly hit by last year’s energy crisis and were forced into extortionate fixed-rate deals.
Trade bodies the British Institute of Innkeeping, UKhospitality and the British Beer and Pub Association found half the firms locked into a contract at the peak of the energy bill crisis now fear failing in the next 12 months.
They said: “The energy crisis has been pushing pubs, bars and restaurants to breaking point.”
While the Energy Bill Relief Scheme offered some respite, its help fell away in April — leaving many back-paying high costs.
Bricks is sold for a pound
PURPLEBRICKS has been sold to online estate agent Strike for £1.
Shareholders at Purplebricks yesterday voted overwhelmingly in favour of the deal.
Chief exec Helena Marston resigned from her role.
Strike’s joint major shareholder is telecoms tycoon Sir Charles Dunstone who said the new business would be “even more disruptive”.
Purplebricks warned of job losses.
Good week
ELON Musk reclaimed his title as the world’s richest person after his shares in electric car maker Tesla rocketed.
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Bad week
AMAZON chief Jeff Bezos after the firm was fined £20million for violating child privacy via Alexa devices.
