More than 400 pubs in England and Wales have closed or been repurposed over the past year, taking the total to below 39,000 for the first time.
Commercial property company Altus Group says 412 public homes will be demolished or converted to alternative use in 2024, leaving just 38,989 homes in operation.
The UK beer and hospitality industries have long warned of escalating costs, including changes to the alcohol duty system and rising energy bills. Businesses also face further challenges in 2025, when employers’ National Insurance contributions rise, the National Living Wage is set to rise, and the business rates discount will be reduced from 75% to 40%.
Alex Probyn, head of UK property tax at Altus Group, says: “Many publicans I speak to are very concerned that this could be their last Christmas. Costs to employers are rising as interest rates are cut, so maintaining Profitability is becoming increasingly difficult.
The entertainment industry has taken a hit during the Covid-19 pandemic, highlighted by the rapid decline in nightclubs, which fell from 1,700 a decade ago to just 787 by June 2024.