Lincoln bar owner prepares for a 'challenging 18 months' ahead
The owner of several bars and clubs, tells us how the economy is affecting business as prices continue to rise
Lincoln bar and club owner tells us how the economy is affecting business, and discusses the increases of energy, food and inflation.
Hospitality and leisure businesses could face the prospect of shutting down due to crippling energy bills, a senior councillor from Lincolnshire County Council, has warned.
Concerns were raised about how small and independent businesses will fare during the “challenging times” over the coming months at a council meeting.
Pubs, restaurants, hotels, and other businesses which rely on consumers having spare cash are thought to be particularly vulnerable.
Many are already seeing their energy bills triple, or worse.
John O'Donoghue is the owner of several Lincoln bars and clubs, such as Home, Carousel and The Authentic Bierkeller.
He speaks about how the pandemic has really been the turning point:
“Well, I think post pandemic everybody was desperate to get out and have a great time. So, I think there was a little bit of an uplift, a one-off uplift in trade. Whereas now I think we're back into a more normal pattern of trading, or we had a normal pattern of trading and now we're in a period of uncertainty because of all the negative elements in the economy at the moment. So, I think going forward, we're looking at a fairly challenging 18 months to two years.”
He continued to add that the increase in domestic prices is also having an impact:
“Consumer confidence is really important, and not just people's desire to go out, but their ability to go out. Whether you run a business, or whether you just run a household, or whether you're just managing your income and still live with your parents, there are cost of living pressures that mean you're wondering how often you can go out- Is it the right thing to go out?
“So, all those decisions impact how many people are in the city centre over the weekend, or how many people are out during the week and what they're buying, and we're part of that overall cycle.”
It's hoped that pubs and bars will now be further supported by the Government in making it through this winter.