The number of pubs being knocked down or converted has seen a significant increase, soaring by 50%. This alarming trend has led to calls for assistance with business rates.
Two Pubs a Day Being Closed Down or Refurbished
According to official statistics, a staggering 230 pubs vanished in the three months leading up to June 30. This marks an increase from the previous quarter's figure of 153.
Over the course of six months, England and Wales have witnessed the closure or transformation of 383 pubs—a number almost equivalent to the total of 386 closures in 2022.
Wales Hit Hardest, London and North West Close Behind
During the first half of 2023, Wales experienced the most significant loss with 52 pubs disappearing. London and the North West regions each saw 46 closures, according to property experts at Altus Group.
Total Number of Pubs Falls to 39,404
As of the end of June 2023, the overall number of pubs in England and Wales, including vacant ones available for letting, has dropped to 39,404.
Call for Help on Business Rates
Alex Probyn, president of property tax at Altus Group, has urged Chancellor Jeremy Hunt to alleviate the financial burden on pubs in his November autumn statement.
Currently, pubs and other eligible hospitality, leisure, and retail businesses receive a 75% discount on business rates, with a maximum cap of £10,000. However, this discount is set to expire in March. After that, these establishments will face an inflation-linked increase of more than six percent.
According to Mr. Probyn, "With energy costs up 80% year-on-year in a low-growth, high-inflation, and high-interest rates environment, the last thing pubs need is an average business rates hike of £12,385."
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