The latest edition of the UKHospitality and CGA Quarterly Tracker reveals a staggering 54% drop in sales in 2020 for an industry that, in normal times, employs over three million people and contributes many billions of pounds in tax to the Treasury. Sales collapsed from £133.5bn in 2019 to £61.7bn in 2020.
The stark figures highlight hospitality’s ongoing need for specific financial support from Government in order to survive the crisis and play its part in economic recovery. Recent CGA research indicates that around 6,000 licensed premises in Britain closed permanently in 2020, and with severe restrictions likely to remain in place for months, aid is urgently needed to prevent thousands more business failures.
Strict local and national restrictions on trading and socialising caused a particularly damaging drop in trade in the final quarter of the year, the Tracker shows. Sales from October to December 2020 were worth just £14.3bn—down by £18.7bn or 57% on the last quarter of 2019….