Alexandra Leung Gibb’s Post

📢 Attention business community! 📢 The recent closure of 472 pubs in England and Wales due to high costs has dealt a significant blow to our economy. It's essential to address the challenges faced by small businesses, especially those on the high street. Let's discuss how we can support and revitalize local businesses to ensure the growth of our economy. #SmallBusinesses #EconomicRevitalization #HighStreetChallenges https://ift.tt/QRJE7uX

745,000 Hospitality Businesses need to be supported now. CreditWatch predicted 7.45% of hospitality business could fail in the community your due to rising costs. if each one of these businesses employes 2 people, this would impact around 140,000 job. Government can help with energy costs, small business taxes and allowing more students to study, work and contribute to much needed workforce. https://lnkd.in/gNgiMEHC

Good timing on this article - I have spoken with my MP Katie White OBE MP about the pressures hospitality faces the week, and I made particular reference to the business rate relief that is set to end in April. As it stands, we would likely have to cut a job at the brewery if the rate relief is abolished - we simply can’t afford to absorb any more increases in costs. Personally, I think we would add more to the local economy by employing an extra person that we would by paying their wages on business rates. I also suspect some businesses will actually close from an increase in business rates, normally with a statement like this from a leader of a large pub group I would suspect hyperbole but it isn’t this case this time. I normally take Budgets in my stride but this one is definitely causing a lot of nerves. https://lnkd.in/esNNvs-u

Will the Welsh Government's proposed cut to business rate relief prove to be the final straw for many Welsh hospitality businesses? According to the excellent article below, Welsh hospitality, leisure and retail businesses currently pay slightly higher business rates than in England, but the difference is tiny and on both sides of the border their bills are massively cut by a 75% discount. But under new plans in the Welsh Government's latest draft budget, this support will be cut from 75% to 40%, dramatically increasing the amount businesses in #Wales pay. For example, a business with a rateable value of £50,000 will have to pay more than double what they're currently being charged per year - going up from £6,688 to £16,860, when in England they would pay £6,238. This is despite the fact the Welsh Government receives money for the full amount of relief provided in England. Surely this was never the aim of devolution for Wales - to develop policies that place Welsh hospitality businesses at a competitive disadvantage compared to their counterparts in England. Wales can do far better than this and I hope that the new First Minister will review this urgently to ensure that our brilliant hospitality businesses are given the full support they deserve. https://lnkd.in/eVTkgQCi

 “We’ve already seen too many good businesses shut up shop. That has left cities, towns and villages without a vital community asset where people can meet, host events and share enjoyable experiences. It’s clear that practically no business has been immune to the relentless price increases that have plagued the sector and can absorb costs no longer, with many already forced to pass these on to customers.” A quarter of pubs across the country have absolutely no cash reserves, no room to absorb losses. Without action on VAT, Business Rates, and Beer Duty at next month's Budget, communities will suffer as they the pubs at the heart of them are forced into closure by Government inaction. https://lnkd.in/emFG-7XD

Restaurant Closures Show Impact Of No Business Support The Scottish Government’s decision not to introduce a business rates relief scheme is being felt in a number of venue closures in Scotland. While hospitality businesses on Scotland’s islands will get 100% non domestic rates relief capped at £110,000 the rest of Scotland’s hospitality businesses will get no relief whatsoever, although poundage has been frozen for all businesses up to a value of up to £51k, announced SNP Finance Secretary Shona Robison in her budget on December 19. In England hospitality businesses received a 75% rates relief package and Wales has revealed a 40% relief package for hospitality. But only Scottish island businesses will get relief in Scotland due to the “unique challenges ” they faced Shona Robison said. UKHospitality Scotland Executive Director Leon Thompson said: “These recent closures demonstrate the enormous economic challenges facing hospitality businesses, which are always more acutely felt during the quiet early months of the year. “Persistent rising costs over the past two years have already dented business confidence considerably and this has only been exacerbated by the Scottish Government’s shocking decision not to introduce a business rates relief scheme. “The hope of Government support was one of the last lifelines many venues had left and that was brutally ignored in last year’s Budget. Closures this early in January are just the tip of the iceberg and I truly fear that we will see more to come, as venues struggle to make ends meet. “Given hospitality’s ability to drive economic growth, create jobs and support communities, it is a great shame that the Scottish Government has not taken the decision to support the sector. Unfortunately, these closures are the end result. “I would urge it to reconsider its decision and introduce a business rates relief scheme. This would offer much-needed support for businesses and ensure Scottish businesses are not operating at a competitive disadvantage to England and Wales.” Read More:

€256,000 Over 42 Months – Supporting Dublin's Hospitality Sector 🍽️ Flurish recently helped a renowned Dublin restaurant chain streamline its finances by consolidating multiple debt facilities into a single loan. This move not only simplified their payments but also freed up vital cash flow for the day-to-day running of the business—critical in today’s challenging hospitality environment. At Flurish, we’re proud to be a trusted partner for the hospitality sector. In just the last 45 days, we’ve provided close to €700,000 in working capital to support 3 businesses in this industry. Whether you need to consolidate debts, boost cash flow, or invest in growth, we’re here to help your business thrive. Let’s grow together! 🌱 #HospitalityFinance #BusinessSupport #IrishBusiness #CashFlowSolutions #FlurishFinance #GoFlurish #SME

📉 Hospitality Business Owners: Feeling the pressure of business debts? With 50 pubs shutting their doors every month across England and Wales, many in the hospitality trade are facing immense financial difficulties. If your business is struggling with debt, you're not alone. We offer a free, no-obligation consultation to help you understand your options and take steps to protect your business. Whether you're looking to restructure, find financial relief, or explore alternative strategies, we’re here to support you through these tough times. Don't wait until it's too late—reach out for a conversation today. Read more about the decline in the hospitality sector: https://lnkd.in/emga8cjz #BusinessDebt #HospitalityIndustry #FinancialSupport #BusinessRescue #FreeConsultation #PubTrade #BusinessAdvice

Is it right that Welsh hospitality firms are now, through no fault of their own, at a competitive disadvantage as compared to similar businesses in England? This week, like many similar businesses across the UK, owners of hospitality and leisure businesses in Wales will be facing increases in the minimum wage, which will put additional financial strains on their businesses. However, unlike their counterparts in England, they will also be getting a substantial increase in their business rates, as relief for Welsh firms in the sector is being cut by the Welsh Government. In the last financial year, businesses were eligible for 75% off their liability, but this year that's been reduced to 40%. Citing budget pressures in other spending areas, the Welsh Government has decided that spending on business rates support for hospitality, retail, and leisure businesses will be cut. In 2023-24, £140m was invested in supporting rate relief but this year, the Welsh Government will invest only £78m, despite being given full consequential funding by the UK Government to continue with the 75% relief. As a result, it’s been estimated that the average business will face extra costs of around £8,000-£10,000 annually - costs that their counterparts in England will not be paying. As the article below notes, it is a baffling decision especially given the importance of the sector to the Welsh economy - it’s been estimated that it contributes over £4 billion and employs 180,000 people directly in Wales. But there could also be indirect effects on other sectors - there has been a fantastic effort by the Welsh Government over the last few years to link the burgeoning food and drink sector in Wales to the hospitality industry through the promotion of more local produce. As a result, this cut in business rates relief could also have unexpected consequences on another important part of the Welsh economy, especially as we have already seen an increasing number of pubs and restaurants that were buying Welsh food and drink from local producers closing their doors in the last few months. Given this, one would hope that the new Welsh Government will reconsider this decision over the next few months and, at the very least, brings the sector together to forge a plan for its future. It's the least it deserves after a torrid few years.

📉 Hospitality Business Owners: Feeling the pressure of business debts? With 50 pubs shutting their doors every month across England and Wales, many in the hospitality trade are facing immense financial difficulties. If your business is struggling with debt, you're not alone. We offer a free, no-obligation consultation to help you understand your options and take steps to protect your business. Whether you're looking to restructure, find financial relief, or explore alternative strategies, we’re here to support you through these tough times. Don't wait until it's too late—reach out for a conversation today. Read more about the decline in the hospitality sector: https://lnkd.in/e85X3zt3 #BusinessDebt #HospitalityIndustry #FinancialSupport #BusinessRescue #FreeConsultation #PubTrade #BusinessAdvice