How energy prices are hurting the hospitality sector
Energy prices are soaring and having a profound and growing impact on businesses of all kinds.
But the hospitality sector has faced incredible pressure across two years of the Covid pandemic. So, how is it coping with this latest, significant challenge?
It is a sector where showing a positive, welcoming face to your customers is vital.
But businesses in the sector are reporting energy price rises of 95%, and many are being forced to raise prices, drastically reduce energy use, and cut trading hours.
In the UK, the Government has offered support in its Mini Budget.
But, with a tough winter looming, will that help be enough?
Will the smile be back on the face of the hospitality sector in the medium term?
In this episode we hear from two people who can offer a rounded view of how the energy price crisis is affecting the industry.
Gareth Fulford is chef and patron at a restaurant in Cheltenham, where he is feeling the effects every single day.
His business, like many others, is fighting battles on two fronts; the increased cost of energy and the fact his customers have less disposable income as inflation soars.
Harriet Walker is an analyst at Cornwall Insight, a firm that predicted a typical household energy bill could hit more than £4,000 next year.
Gareth Fulford, Chef/patron, Purslane Restaurant
Purslane specialises in sustainable British seafood paired with the best Cotswold produce.
Gareth comes from a family of butchers and has been working as a chef since his 16th birthday in various kitchens across the UK.
Then, after five years working at prestigious events cooking for royalty and various A-list celebrities, he settled in the Cotswolds to work at a top-quality gastro pub before realising his dream of opening Purslane Restaurant in 2012.
Harriet Walker, Analyst, Cornwall Insight
Harriet is an Analyst at Cornwall Insight in the Consumer Markets team, focusing on non-domestic supply and services.
Harriet leads the delivery of the quarterly SME Pricing report and co-produces the monthly and quarterly reports for the Non-Domestic Supplier Insight Service (NDSIS).
Harriet joined Cornwall Insight in September 2021 after completing a MSc in Climate Change and International Development at the University of East Anglia.
She also volunteered as a Blog Content Coordinator for the virtual Climate Exp0 conference in 2021, working on the Green Recovery topic.