"Wage rises, holiday taxes and monumental increases in rateable values have put even further pressure on hospitality businesses, as a result of this Budget. A 5p business rates discount is simply not enough to offset these costs and redress the damage it will do to business viability and job opportunities. This is exactly why we called for the government to use the maximum possible discount it had the power to implement, which could have genuinely delivered lower business rates."
"Instead, we have a situation where hospitality businesses are checking their wage bills and rateable values, and their hearts are sinking at the eye-watering increases before them. Once again, the government is trying to balance the books disproportionately on the backs of the high street - and risks creating a two-tier economy. Our tax burden remains the highest in the economy and we need urgent action to reduce the cost of doing business."
Leon has appointed Quantuma administrators after applying for an administration order and will undergo a restructuring programme that will include restaurant closures and job cuts. Quantuma advisers will form a proposal for a company voluntary arrangement (CVA) to restructure the business. Leon operates 22 franchised and 44 company-owned restaurants. The chain does not yet know how many restaurants will close or how many workers will lose their jobs. The boss blamed Rachel Reeves for "unsustainable" tax burdens on the hospitality sector. Kate Nicholls of UKHospitality warned that wage rises, holiday taxes and large rateable value increases from the Autumn Budget are increasing pressure and called for urgent action to reduce business costs.
Read at London Business News | Londonlovesbusiness.com
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