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Wed 1st Jun 2022 - Half of UK nightclub businesses ‘barely breaking even’ as inflation continues to climb
Half of UK nightclub businesses ‘barely breaking even’ as inflation continues to climb: Half of UK nightclub businesses are “barely breaking even” as inflation continues to climb, according to new research. The findings by the Night Time Industries Association (NTIA) showed a further 20.2% are losing money. Half of businesses have seen a 30% increase in operating costs compared with pre-pandemic levels. Almost 45% are “unsure” if their business will survive the next 12 months, with an additional 20.8% stating they are “not confident”. Those who have renewed both gas and electricity contracts in the last four months have seen a 37% increase in energy costs, with contract renewals in electric seeing up to 54% increase and gas contracts seeing up to 151% increase for businesses. More than a third (36.5%) said their weekly sales have dropped by 30% in comparison with pre-pandemic trade levels, A further 15.5% have experienced up to a 50% loss in that period. Respondents on average were still carrying £133,957 worth of supplier and bank/loan debt. There is still some way to go to see the true impact of cost inflation on businesses, with more than half (53.8%) of businesses still to renew energy contracts. Michael Kill, chief executive of the NTIA, said: “These figures are extremely hard to ignore, the situation is worsening day by day, with operating costs becoming untenable. We are starting to see the impact on customers through slowing tickets sales, bookings and frequency of visit. Our industry is still extremely fragile, many will struggle to survive another crisis. Time is running out and the chancellor must act now, and answer the calls from the industry to reduce VAT back down to 12.5% and an energy cap for small and medium-sized businesses.”

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