A short-term boost is on the horizon for pubs and restaurants during the World Cup, but it won't solve longer term issues.
Bournemouth insolvency specialist Antony Batty & Company Ltd says that while increased footfall is welcome, it may not be enough to offset ongoing financial pressures.
Elaine Wilkins, director at Antony Batty & Co, said: "England’s progression in the World Cup is a welcome boost for everyone, including hospitality providers.
"According to Voucher Codes’ World Cup Spending Report, football fans are expected to spend almost £900 million across hospitality venues during the World Cup this summer, which is more than double the £442 million generated across hospitality during the 2022 tournament."
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Ms Wilkins warned that the surge in spending is only a "short-term lift" for a sector that has faced almost £7 billion in tax rises over the past two budgets, including increases in VAT, business rates, and the minimum wage.
She said that the current environment remains "incredibly challenging" for all industries, not just hospitality.
Ms Wilkins said: “Political uncertainty regarding the intentions of the next Prime Minister will also continue to affect consumer and business confidence, offsetting any benefits of stabilising inflation and the hold in interest rates.
"It is therefore vital that businesses seek qualified advice if they are facing financial pressure.”
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