The latest Coffer Peach Business Tracker figures show that pubs and restaurants could be key to preventing the decline of high street in the capital.
London recorded a healthy 2.3 per cent growth in like-for-like sales throughout the sector last month, outperforming the rest of England, which saw sales rise on average by 1.3 per cent against the same month in 2017.
Pubs were the main driver of growth across the country, at 3.1 per cent, compared with 0.9 per cent in restaurants. Sales of drinks also increased by 3 per cent, whilst food growth was up 0.6 per cent.
This is good news for the sector which has been relatively flat throughout the year, with little or no growth in the drinking and eating out market.
With sales being knocked by inflation, coupled with an increase in cost pressures in the industry around rising food and staffing costs in particular, times have been tough for operators in the hospitality industry, with a number of closures and restructurings.
At Beavis Morgan, we have extensive experience of working with clients in the sector and our professionals are acknowledged experts in issues affecting pubs, bars and restaurants.
Through our partner businesses, BM Structured Finance and BM Advisory, we are also able to help with sourcing and restructuring debt finance for SME businesses, as well as assisting with resolving issues which can impact on business performance and success, and finding innovative solutions for businesses and individuals experiencing financial concerns.
Contact Matthew Burge or your usual Beavis Morgan Partner for further information about how we can assist you and your hospitality business.
Further reading:
Why adaptability is “the new competitive advantage” for hospitality businesses