Over 10,000 pubs and restaurants could face closure thanks to a “perfect storm” of inflation, soaring energy costs and rising rents, according to Kate Nicholls, chief executive of trade body UKHospitality. She said the sector is facing “as big a crisis, if not bigger” than during the pandemic, estimating that 20,000 UKHospitality member businesses are still operating below break-even and 30,000 have no cash reserves. She warned: “I’ve never seen such a toxic cocktail of costs. It is a perfect storm.” Wetherspoons boss Tim Martin has called for support in the form of VAT reform, noting that pubs and restaurants pay 20% VAT on food sales whereas supermarkets pay nothing.
The Mail on Sunday
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