Two pubs a day being closed or converted for other uses

05 February 2018 by
Two pubs a day being closed or converted for other uses

The number of pubs closing or being converted for other uses has slowed to approximately two a day since last April's tax shake up, real estate adviser Altus Group has reported.

Since the government's revaluation of business rates came into force on April 1 2017, 616 pubs have "disappeared" from the rating list, having been demolished or converted for other uses such as homes or offices.

The rateable values of pubs increased by 14.24% to £1.627b in the revaluation.

The rate at which pubs are being converted into other forms of use is easing according to Altus Group.

In March's Spring Budge, chancellor Phillip Hammond had moved to ease the rates burden, handing 90% of pubs a £1,000 discount to their business rates bills for those with a rateable value of less than £100,000. This was extended in the Autumn Budget to cover 2018/19 bills.

Alex Probyn, UK president of business rates at Altus Group, said: "The increase in the thresholds at which pubs pay business rates coupled with the additional £25m of rates relief has, undoubtedly, stemmed the decline."

Between April 2010 and April 2017 11,608 pubs were lost, equating to about four a day.

Market Taverns acquires Affinity's Lady Ottoline pub>>

‘A no deal Brexit will see a fall in food prices' JD Wetherspoon boss claims>>

Videos from The Caterer archives

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking