Rachel Reeves insists ‘more temporary support’ for pubs coming, recognises how important hospitality sector is for UK: Chancellor Rachel Reeves has insisted she will support the UK's pubs amid growing calls for the government to reverse proposed changes to business rates. Speaking on BBC Breakfast, Reeves said she was working “pretty intensely” to “get it right” to help pubs. The chancellor was asked whether she got it wrong on business rates, but defended the government's £4.3bn support package intended to aid the unwinding of temporary support provided to the sector during covid. She said: "There's a number of things happening with business rates. There's been a revaluation of the value of properties. This is the first one since the pandemic so rateable values were going to go up and there's a gradual withdrawal of some of the temporary support that went in during covid. But we do recognise for some pubs there is still a big increase so we're working pretty intensely at the moment, and again I want to make sure that we get this right.” Asked what this support may look like, the chancellor would not be drawn but insisted there was still time to “get this right” before the business rates changes take effect in April this year. She said: “I think they know there is additional support coming. These changes aren't due to come in for a few more months so we're going to get this right. I think most people would accept that now the pandemic is over, some of that temporary support does need to come away but it's about the speed of which you do that. It is always sad when a business closes especially a much-loved local business, but the business rates haven’t come in yet This is not that rates have gone up and we've tried to find a solution. These changes are coming in April so we still have time. We've already put in £4.3bn so we weren't new to these challenges, but a lot of extra money went in during the pandemic to support these businesses, and rightly so, but it's not affordable to keep that temporary relief forever. You’ve got to find a balance. We’re trying to bring down that borrowing level. But we want to support our pubs. We want to support our high streets, and we’re doing that.” Asked when the support would be announced after calls for a reassessment of business rates and rateable values, she added: "We'll make that announcement in the next few days and we're working very closely with the hospitality sector, particularly the pub industry to get this right.” On calls to widen relief beyond pubs, the chancellor said the focus was on pubs. She added: “I think people can see the biggest impact and concern is around pubs. Some of the smallest businesses particularly cafes won't pay business rates at all, because they're too small. Pubs were very badly affected during the pandemic when they were just closed That wasn't the same for all other parts of the economy, and that's why pubs are seen a particular increase in their valuations, but we are working pretty intensely to ensure there is more temporary support to get through this period.” Asked whether she had been in a pub since the Budget, the chancellor admitted she doesn't spend a “huge amount of time in the pub at the moment”. She said: “I had a nice time with my family over Christmas, I recognise how important our high street, how important our hospitality sector is for the UK.”

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Scottish fish and chip operator Blue Lagoon reports profit boost: Scottish fish and chip restaurant business Blue Lagoon has reported turnover of £10,511,929 in the year ended 31 March 2025 (2024: £10,321,077). Profit before tax was £2,500,860 compared with £2,017,336 in the year prior. The company is run by the third generation of the Varese family – with eight of its 15 branches in Glasgow. 

Cornwall hotel sees turnover grow but losses increase after coming under new ownership, secures £8m refinancing: Cornwall hotel St Michael’s in Falmouth saw turnover grow but losses increase after coming under new ownership. The resort was previously part-owned by BH Hotels, which sold its 50% stake in 2024, as previously reported by Propel. In its accounts for the year to 31 March 2025, St Michael’s Falmouth said from October 2025, it has been a wholly owned subsidiary of Carpenter Hotels. Founded in 2017, Carpenter Hotels is led by Nigel and Julie Carpenter, who are both also directors of St Michael’s Falmouth. For the year to 31 March 2025, St Michael’s Falmouth reported turnover of £10,141,748, up from £9,758,294 in 2024. Pre-tax loss widened from £474,183 to £737,486. No dividends were paid (2024: nil). Neil Carpenter said: “St Michael’s continues to demonstrate a strong trading position, achieving significant sales growth alongside sustained investment in its product and facilities. In August 2025, the business successfully refinanced with an £8m facility, strengthening St Michaels’ financial position and providing additional capital to support ongoing and future investment initiatives.” Further analysis shows that the company received the funding from Triodos Bank UK to refinance existing debt and support new infrastructure improvements aimed at reducing environmental impact. Recent upgrades include energy-efficient systems, eco-friendly room refurbishments and e-bike rentals for guests. Carpenter added: “We’re proud to be at the forefront of sustainable tourism in Cornwall and this funding is a powerful endorsement of our vision. With Triodos Bank’s support, we’re doubling down on our commitment to ethical travel and meaningful hospitality.”