CGA, the industry analysts, report that pub closures in the first quarter were lower and that they expected the figure for the first half of 2010 (to be released in July) to be lower than 2009's figure (on average the number of pubs leaving the sector permanently each week comprised 22 leased pubs, 12 independent pubs or freehouses and five managed outlets).
Yet after the restored VAT rate in January, the punishment on alcohol duties at the May Budget, pubs are now groaning at the prospect of VAT increases from January 2011. The World Cup – reported to generate £80m for pubs and restaurants – is unlikely to be a saviour if England goes out in the early rounds as suspected. Anticipated good weather will help those that have gardens and outside areas – although most London pubs lack this kind of space.
Increasingly, pubs are turning to food as the main cash and profit sector – but with increased competition in the troubled restaurant business means that this may not be as lucrative as anticipated. Especially now that the Chancellor has announced a sweeping cuts review that is likely to impact the disposable income of just about every class of pub goer.
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