Rate of UK pub closures has slowed to two per day
The number of pubs closing in the UK has slowed to two per day after years of rapid decline, according to new figures.
Around 616 pubs have “disappeared” since April 2017, when the government last adjusted the rateable value of business properties to reflect changes in the property market, according to real estate advisory Altus Group, equating to around two closures per day.
Four years ago, the figures were much steeper. Figures released by The Campaign for Real Ale (CAMRA) found that UK pubs were closing at a rate of 29 per week in 2014.
Back in March the treasury announced it would ease business rates for 90% of pubs, providing a £1,000 discount to business rate bills for all properties with a rateable value below £100,000.
Chancellor Phillip Hammond announced that this discount would remain in place in the November budget, alongside a duty freeze on beer, wine and spirits.
The results showed that both the rate at which pubs are closing down and the rate at which they are converted into other types of property has also eased, reports The Caterer.
“The increase in the thresholds at which pubs pay business rates coupled with the additional £25m of rates relief has, undoubtedly, stemmed the decline,” said Alex Probyn, Altus’ uk president of business rates.