Belfast Telegraph

Rising costs see 25 UK pubs a week call time for good

By Helen Cahill

Close to 1,300 UK pubs have been shut down or converted over the past year as the industry suffers amid unprecedented cost pressures.

New research has found that 25 pubs have closed every week, with many switched to alternative uses such as homes and offices.

Experts have said rising business rates, a property tax levied on firms, are partly to blame for the closures.

According to data from real estate adviser Altus Group, 1,292 pubs have disappeared, which also means they are not contributing to the Government's business rates pot.

Retailers and restaurant groups have been affected by similar cost pressures, and have been contending with wage increases alongside a drop in footfall and consumer spending.

This has triggered a string of high-profile administrations within the sector.

Retailers including Toys R Us, Maplin and Poundworld have disappeared from the high street.

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.