It’s no secret that pubs and restaurants were hit hardest during the downturn. As many as five pubs were closing per day across the UK, a fact that still makes us wince. It wasn’t just the scarcity of customers heading to their locals, it was the lack of support, namely financial support. Banks tightened their purses and the door was firmly shut on pubs and restaurants.
So, nearly a decade on, where are we now? Unfortunately many pubs aren’t around to answer that question, as the recession survival rate doesn’t make for good reading. For those who did weather the storm, things are at last looking a little different.
Britain’s finally heading back to the pub
The long and short of it is, figures suggest that we are finally popping to the pub again. Sadly that isn’t the case for every pub owner, but on the whole we appear to be witnessing the beginning of a great revival. Popping out for lunch at the pub doesn’t appear to be an old pastime anymore, as food sales across the industry are on the rise.
So, what sparked this great revival? It would be silly of us to suggest that we ever fell out of love with the pub, we’re British after all, and love like that never dies! It’s a simple reflection of the economy as a whole. When the economy settles, so do we. The more people there are back in work, the more disposable income there is floating about. And there’s no better place than spending your disposable income than down the pub, right?
We at Merchant Loan Advance are excited by this great revival of the British pub, and are keen to keep the momentum going. As the fog over the pub begins to slowly lift, so do restrictions on their financial support. There are many options available for pubs looking for loans to move forward.
Alternative finance products like a Merchant Cash Advance is one option that many pubs looking for loans turn to. For those who take card payments, this is a fantastic option. To hear find out more about pub loans and what could be available for you, get in touch with us for the best prices available.