London, December 29 (EFE). More than a third of UK hospitality businesses are at risk of closing at the start of 2023 due to the rising cost of living, according to an analysis of four UK organizations in the sector.
The study by UKH Hospitality, the British Beer and Pub Association (BBPA), the British Institute of Innkeeping (BII) and Hospitality Ulster showed among its members that 35% had already predicted they would be operating at a loss or that their business would be unviable at the end of this year.
Similarly, 96% and 93% suffer from high energy cost and food inflation, respectively.
The rise in the cost of living also affects consumers, and the analysis ensures that more than 77% of companies report a decrease in the number of customers and 85% fear that the situation will worsen in 2023.
As a result, 89% are “pessimistic” about the impact of the assistance measures taken by the authorities to mitigate the crisis during the first part of next year. EFE
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