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NAVA Propertymark members are predicting another challenging year for the hospital sector.
Chris Platts, NAVA advisory panel member, said 2023 was a year of intense challenges for the UK hospitality sector and said similar challenges will continue into 2024 without further vital support from the government.
It is suggesting a cut to the headline rate of VAT for hospitality and a long-overdue reform of the business rates system.
Platts added: “Whilst many hospitality businesses are recording record sales over the Christmas period, this will not necessarily translate to bottom-line profits as food-inflation, rising utility costs and an increase to the national minimum wage are eroding margins.
“If I have one over-riding message for 2024 – then it’s “’use it or lose it’ - your local pub is not just for Christmas, and it needs your custom all year round.”
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