Hundreds of local pubs closed down last year due to a ‘myriad of cost pressures’, new research reveals.
According to real estate advisor Altus Group’s annual business rates review, set to be published this week, a total of 914 pubs ‘vanished’ in 2018, an average of about 76 per month.
At the beginning of 2019, the total number of pubs in England and Wales liable for business rates fell to 41,536 with the overall number declining by 1,530 since the revaluation of business rates came into force in 2017.
The rate at which pubs are vanishing, either being demolished or converted into homes and offices, has, however, eased significantly.
Between April 2010 and April 2017, 11,608 pubs were either demolished or converted into other types of use with the number of pubs falling from 54,674 to 43,066, equating to around 138 per month.
Commenting on the research, Kate Nicholls, UKHospitality chief executive: ‘Pubs are being hit with a myriad of cost pressures at a time of unprecedented political uncertainty and unstable consumer confidence.
‘Unless positive action is taken by the Government to address crippling costs, more pubs will be forced out of business.’