Back in 2009, pubs were facing the double whammy of the credit crunch and smoking ban. Then, pubs were closing at an average of 50 a week. Five years later, the decline has slowed but, even so, pubs are still caught in the much longer-term social and economic forces which shape the way British people currently live, drink and socialise.
Looking back over a hundred years ago, to 1870, there were as many as 112,000 pubs in the UK. By 1980 this figure had nearly halved and stood at 69,000.
Historically, pubs served as a focus of social, secular life, providing critical settings for literature and debate. So, where are we now and what of the future?
Today, there are some 50,000. Industry followers seem to concur that this reflects the increase in comfortable homes and accessibility of social media and home entertainment, particularly in the light of broadband, smart tvs and tablets.
At the end of 2014, pubs were closing at the rate of 31 a week and this was expected to worsen, according to the government’s own figures, by the end of the beer tie that was agreed in December.
Realistic hopes for the future of pubs seem to rest on micro breweries, restaurant quality food and the seemingly enduring need for Brits to consume alcohol in order to socialise. Those entrepreneurs prepared to play to these trends will face a challenging climate but our guess is that running a pub will still continue to be a dream to many. So, if you are thinking of running your own pub and need a pub mortgage, or are seeking pub funding for improvements or refurbishments etc, you will be keen to consult the experts who have their fingers on the pulse and will be able to research your best pub mortgage options for you.
Consult the Pub finance experts
Stewart Hindley & Partners are FCA approved and members of the National Association of Commercial Finance Brokers. All NACFB members have Professional Indemnity insurance and are obliged to abide by a code of practice. Click here to find out how NACFB members, Stewart Hindley & Partners has helped many pub owners secure the best mortgages see the case studies; or Contact them now for an initial informal and confidential discussion.