One in three pubs at risk of closing down
Closing time could be called on more than one in three pubs and bars across the West Midlands in the next 12 months, stark new figures showed today.
A report has found that 35 per cent are considered to be at risk of 'failure' in the region. Nationally 23 per cent are at risk. The gloomy prediction from insolvency trade body R3 comes in the wake of yet more sell-offs by pub firms this year as they continue to off-load less profitable sites, while a string of well-known venues have fallen victim to the continuing tough times.
Earlier this summer the Campaign For Real Ale said the West Midlands had been one of the worst hit areas for closures, with a dozen pubs a week putting up the shutters.
So far this year bosses at Staffordshire-based pub owner Spirit, which is selling 80 pubs this year, have closed and sold off the Mitre, in Tettenhall, despite a £35,000 relaunch as an Italian restaurant.
Wolverhampton city centre's Varsity was closed this summer and was sold by owner Barracuda to Wolverhampton University and is now a reception venue for open days and graduations.
The city has also seen the closure of the British Oak, on Willenhall Road, The Royal Oak in Tipton and The Vine, in Dunsley Road, Kinver, in the last year.
Even major venues, like Wolverhampton's biggest nightclub Oceana, have been closed.
Following the latest research highlighting the vulnerability of pubs and bars, R3 Midlands chairman Matthew Hammond, a partner at PwC in the Midlands, said: "The recession has continued for longer than could have been predicted and it is getting harder for people to find the money to spend on discretionary items."
