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.
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