19 May 2022

Opinion from Adrian Leopard & Co

News impacting business from Adrian Leopard & Company - Insolvency Practioners & Mediators

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Pub and bar industry recovery due in 2024
Adrian Leopard 235

Pub and bar industry recovery due in 2024

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A way to go but there is certainly light at the end of the tunnel

With the disastrous consequences of a total lockdown, it has been feared that it would take at least three years for the hospitality industry to recover to pre-pandemic levels.

A new report which has been produced indicates that in fact the recovery will finalise itself in 2024. 2020 was a virtual washout with many businesses limping through the year and out of the other side and of course 2021 has had a very late start because of the lockdown so three years was about right – three years from now!

Before the pandemic the hospitality industry in the UK was worth some £23 billion and the market is expected to recover to £14.8 billion this year so there is a way to go yet before those original figures are matched. In fact the market is expected to rise to £22.4 billion by the end of 2022 and thereafter continue to grow at a modest rate of 2%.

Let’s be clear – the damage inflicted on the industry has been enormous and it will take time before it gets back to where it was and be able to grow further. It will percolate further outwards and logically it seems that it will be a measure of how confidence has returned to the general public in wishing to go out more while there is such a serious disease around.

Other things which have changed during the pandemic in relation to the hospitality industry include a huge number of people now going for take-away meals or delivery. As we have seen from previous articles, eating at home has become something of a necessity during the lockdown and has stuck.

Another interesting development over the pandemic is the growth of apps in restaurants and pubs enabling customers to order their requirements on line. It is felt that it is not just more convenient than going up to the bar but also quicker. It seems likely that digital ordering is here to stay. Needless to say the majority of those favouring digital ordering are in the younger age group below 34.

Where operators in the industry have got to take care is to ensure that they can cover increasing overheads while the industry recovers generally. The fact of the recovery is good news but the time it is going to take to get there is more worrying and there is always the possibility of insolvencies arising in the interim.

Adrian Leopard     23-09-21

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Adrian Leopard & Company is the trading name of Alderney Offshore Ltd, a company registered in Alderney, Channel Islands number 1220.

Address P O Box 1027, Alderney GY9 3AS

Registered Office Seldomin, Longis Road, Alderney GY9 3YB.

Adrian Leopard & Co is represented in the UK by 3CL (UK) Ltd trading as Adrian Leopard Associates.

Telephone enquiries may be made on 08449-4-08449 or 01684-230360.

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