Pub chain and Greene King rival to close branch within DAYS in blow to high street
A RIVAL pub chain to Greene King is set to close a branch within days in a major blow to the high street.
Yates, which operates dozens of pubs across the UK, is closing its boozer in Tower Street, Ipswich, on September 2.
A spokesperson confirmed the news, adding the pub’s lease had expired and it is being returned to the landlord.
They added: “We thank our customers for all their support over the years and encourage them to visit our sister pub in the area, The Plough.”
Yates isn’t the only pub chain closing branches in 2023.
Wetherspoon has already pulled down the shutters on 29 sites this year, with more than 12 still up for sale.
It comes as the chain recently axed plans to open half a dozen new pubs in a further blow for punters.
The chain had purchased several sites with plans to opening new branches, but they were ditched and sites put up for sale.
Pubs have been hit hard by rising costs brought on by high inflation since 2022.
High inflation means consumers’ money doesn’t go as far meaning they’re more likely to hold back on leisure activities.
Wetherspoon’s boss Tim Martin has claimed many more people now drink in their homes rather than in pubs.
Meanwhile, The British Beer and Pub Association has warned 288 million fewer pints could be sold in the 2023/24 financial year.
This could lead to the loss of 25,000 jobs and potentially 2,000 pub closures across the UK, it said.
Which other retailers are closing?
It’s not just pubs struggling with higher energy costs – many retailers are feeling the pinch too.
The European retail sector has been in crisis since the 2008 financial crash.
A number of high street retailers have been faced with lower customer footfall numbers in recent years as well, as customers turn to online shopping.
That, combined with high inflation since 2022, means shoppers have been less inclined to spend their hard-earned cash.
It has led to a number of high profile retailers including Argos and Iceland closing stores.
Some have collapsed into administration too, such as Paperchase, Wilko and M&Co, although M&CO has since re-launched as an online website.
Not all retailers have been closing stores though, and some are opening branches, or already have, in 2023.
Poundland is pulling up the shutters for the first time on 15 new stores.
Meanwhile, B&M is opening more than a dozen new branches across the UK by the end of the year.
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