The top 100 restaurant groups in the UK reported a profit decrease to £244.1 million in 2024, down from £246.5 million, as per recent research by UHY Hacker Young. The firm described this profit dip as a “creditable performance” given the significant challenges posed by the cost-of-living crisis and the sector’s ongoing recovery from pandemic-related losses.
Insolvencies in the hospitality sector decreased by 16% month-on-month in August 2024, dropping from 323 to 270, marking the lowest monthly total since January 2024, according to the Insolvency Service. Moreover, this represented a 29% decline compared to the same month last year, although there was a 9% increase in insolvencies over the year leading up to August 2024.
A group of 170 hospitality leaders has expressed support for UKH’s request for reduced business rates in advance of the Labour Party’s upcoming Budget. An open letter to the chancellor was signed by CEOs from many of Britain’s major pub groups, alongside representatives from Burger King, Caffe Nero, KFC, and Pizza Pilgrims.
King Pins is set to launch its third location in Cabot Circus, Bristol, in January 2025. This new venue, which will be the first outside of Manchester, will combine bowling with a hospitality experience that includes a bar and an onsite restaurant. King Pins Bristol will feature a variety of games and activities suitable for families.
Rockwater will inaugurate its third and largest venue in Sandbanks, Dorset, in spring next year. This new location will offer views of the Jurassic Coast and encompass two floors with an outdoor terrace. A rooftop cocktail bar with a retractable roof will also be part of the top floor.
