Pub group Fuller’s estimates its energy costs will more than double without government support.
Businesses throughout the UK are awaiting the new Chancellor Kwasi Kwarteng’s mini-budget announcement, expected to be delivered this Friday, to see what help they will be given to combat sky-high energy prices.
Fuller’s has stated that it expects its annual energy costs to rise to £18 million from £8 million last year, for its 385 pubs.
Energy costs now contribute 8% of the business’ total costs, rather than the 2% they equated to in 2021.
The government needs “to provide much-needed clarity on its proposed support package so that we can plan accordingly,” Chief Executive Simon Emeny stressed.
The pub chain has implemented energy saving technologies such as heat pumps and moved to electric hobs from gas boilers to save money – but Emeny explained that it’s critical for businesses to know how much government support they’ll receive, in order to invest and alter plans.
Although Fuller’s, along with many other London pubs, experienced higher than usual numbers over the last week, as many Brits looked to mourn the late Queen Elizabeth II, Emeny explained the company was “conscious that consumers face increasingly challenging times ahead.”
As energy prices look to impact not on the pubs but also customers, the industry is well aware that the coming months could see a drop in visits and profits.