One of the industries most severely impacted by the growing cost of food and energy is the hospitality industry.
- According to research from the Office for National Statistics, businesses that provide food and drink services are most likely to reduce trading to lower energy costs.
- One of the industries most severely impacted by the growing cost of food and energy is the hospitality industry.
- Since April, Mr. Caldwell’s company, he claimed, has been losing roughly £1,500 every week, which is no longer viable.
One of the industries most severely impacted by the growing cost of food and energy is the hospitality industry.
Official statistics indicate that inflation reached 11.1% in October at the time.
Owner of the Derriaghy pub Martin Caldwell has decided to lay off some employees in order to close his dining room and only serve food in the bar.
“It’s tragic and unfortunate and it was a very difficult decision to let staff go,” he said.
“Some of them had been here for two to three years.
“At this time of the year it always seems that much harder for everybody.”
Customers are also in difficulty
Since April, Mr. Caldwell’s company, he claimed, has been losing roughly £1,500 every week, which is no longer viable.
The cost of labor, services, utilities, and food costs added together had made it very challenging to turn a profit.
“You can only sustain losses for a certain length of time, particularly small businesses like our own, before you have to take a tough decision to cut your costs and cut your losses,” added Mr Caldwell.
Passing costs onto customers wasn’t an option, he said, as his pub’s customers were struggling too.
“You just have to cut back your overheads to survive – and hunker down,” he said.
“All the indicators are that inflation is going to be rampant for 12-18 months. Sadly I think the next 12-18 months are going to be grim for everybody.”
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