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UKH calls on gov to improves capital access for businesses | Article

UKHospitality is calling on chancellor Rishi Sunak for further support by improving access to capital for businesses and sticking to the government’s roadmap of lifting restrictions after 21 June 2021.

The latest data from CGA’s Drinks Recovery Tracker showed that during the Bank Holiday weekend, many operators and drinks sales on Sunday (2 May 2021) were down by 35% from the same Sunday in 2019 and dipped 66% on Bank Holiday Monday (3 May 2021).

In a letter to the chancellor, UKH warns that the treasury must “stand ready” to deliver extra support measures if any delays occur in the roadmap.

The letter also highlights ongoing issues that sector businesses are experiencing when it comes to access to capital.

While government loan schemes have been received positively, UKH argued that there are “real concerns” in the sector about their rollout, with many operators reporting that banks are denying them access to critical funding.

As a potential solution to this challenge, the association proposes working with the treasury to develop a “more targeted” loan scheme that recognises the particular difficulties that the hospitality sector faces.

Kate Nicholls, chief executive, UKHospitality, said: “The hospitality sector stands ready to play its part in helping to power the recovery, create jobs and reinvigorate local communities, but that will only be possible if our businesses return to viability at the earliest opportunity.

“Firstly, we need the government to deliver on its commitment to dropping Covid restrictions and measures on 21st June. The revitalisation of hospitality will yield a substantial return on investment in terms of economic growth, employment, levelling up, high street regeneration and government revenues.”

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