CEO responds to report by R3
20 January 2015
Chief Executive of Pubs of Ulster, Colin Neill said:
“Whilst 18.9% is still worryingly high, the figures released by R3 are encouraging and demonstrate that the pub industry, and indeed the wider hospitality industry, is no longer such a high risk business to be in
In recent years it is no secret that our industry has seen more than its share of challenges. The recession left many people without much disposable income and the hospitality industry bore the brunt of this. We’ve had a number of high profile closures as a result and pubs and restaurants have been living in a period of great uncertainty.
Northern Ireland however is now showing signs of economic recovery. The report from R3 reaffirms our sense that the industry is beginning to show signs of financial stability and it is great news that Northern Ireland is leading this recovery over other areas of the UK where the insolvency rate for pubs rate is much higher at 27.3%.
Care must be taken however to ensure businesses in the hospitality sector are nurtured and can operate in an environment that is conducive to helping those businesses grow.”