Craft beer boom helps revive fortunes of bar and pub companies
The number of pub and bar companies going insolvent has fallen by 7% over the past year amid increased popularity of craft beers and food, a survey shows.
Ortus Secured Finance said the number decreased from 521 to 480, partly due to firms being able to replace bank funding with alternative finance.
Managing director Jon Salisbury said: "With insolvencies steadily declining in the last few years, it is clear that the pub sector is performing well.
"Small and big pub companies alike are becoming increasingly aware of alternative finance and the value continued investment can have for their business.
"Finance plays a vital part in helping pub and bar companies take advantage of growing trends in public demand such as craft beer.
"The effects of the Licensing Act, added to the growing trend of gastropubs, has meant that more people are staying at pubs and bars longer, and spending money on food as well as drinks."