New figures reveal that the number of pub and bar insolvencies has risen 66% in the last year according to latest data by UHY Hacker Young.
The data show the number of pub and bar insolvencies increased from 438 to 725.
The average draught beer prices have increased 9 per cent from £4.23 in January to £4.62 in September.
Peter Kubik Partner at UHY Hacker Young said the number is a worrying sign given that “operators need to be busier than ever just to break even. Kubrikl said “The sharp rise in costs in the last eighteen months has been the final push into insolvency for many pub businesses, which were saddled with Covid-era debts.”
“After enduring a huge drop in revenue during the pandemic, pub and bar companies are desperate to turn a profit. Instead, as we run up to the festive period, high inflation and interest rates is making this impossible for many owners.”