Greene King boss calls for business rates relief as budget adds 50 million in annual costs

Nick Mackenzie, chief executive of Greene King, has raised alarms about the increasing pressure from rising business rates and employment costs on the UK pub sector. He anticipates nearly £50 million in extra annual costs due to recent tax changes, with an additional £24 million tied to national insurance and minimum wage increases. Mackenzie is calling for government action to create a fairer business rate system to support the industry by 2026. Despite these challenges, Greene King reported 3.2% revenue growth, indicating resilience amid adversity.

Greene King expects to be hit with nearly £50 million in additional costs each year due to rising business rates and employment costs, urging government reform.

“The industry has been paying a disproportionate amount of rates for many, many years. We're urging ministers to work with us to create a fairer system.”

Mackenzie emphasized that businesses need certainty and support now, stating, 'We need to safeguard jobs and investment,' highlighting immediate challenges.

Despite facing significant pressures, Greene King reported a 3.2% revenue growth, reaching £2.45 billion, buoyed by strong Christmas trading and events.

Read at Business Matters