{"id":184,"date":"2021-04-12T14:42:00","date_gmt":"2021-04-12T14:42:00","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/cost-of-covid-to-hospitality-industry\/"},"modified":"2025-12-17T14:47:56","modified_gmt":"2025-12-17T14:47:56","slug":"cost-of-covid-to-hospitality-industry","status":"publish","type":"page","link":"https:\/\/www.simplybusiness.co.uk\/about-us\/press-releases\/cost-of-covid-to-hospitality-industry\/","title":{"rendered":"Cost of Covid-19 to hospitality businesses reaches over \u00a340,000 each, but owners remain confident about recovery"},"content":{"rendered":"\n<div class=\"wp-block-group alignfull has-no-margin hero-bg has-global-padding is-layout-constrained wp-block-group-is-layout-constrained has-background\" style=\"padding-top:var(--wp--preset--spacing--150);padding-bottom:var(--wp--preset--spacing--150);background-image:url(&apos;https:\/\/www.simplybusiness.co.uk\/wp-content\/themes\/simply-business-uk\/assets\/images\/faq-bg.png&apos;);background-size:cover;\">\n<h1 class=\"wp-block-heading has-text-align-center has-azure-700-color has-text-color has-link-color has-max-huge-font-size wp-elements-7d44af86c07ef4c27aec57ade61963fe\">Cost of Covid-19 to hospitality businesses reaches over \u00a340,000 each, but owners remain confident about recovery<\/h1>\n\n\n\n<p class=\"has-text-align-center has-azure-700-color has-text-color has-link-color has-medium-font-size wp-elements-654ccb26f5cf7389fa277fcb70ab6ab1 wp-block-paragraph\" style=\"line-height:1.7\"><\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Cost of Covid-19 to hospitality businesses reaches over \u00a340,000 each, but owners remain confident about recovery<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"wp-block-list-item\">Covid-19 has cost pub and restaurant owners \u00a340,313 on average, with owners expecting losses to reach \u00a345,470 in total<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Businesses in the food and drink industry have lost more than double the money of the average small business during Covid-19<\/li>\n\n\n\n<li class=\"wp-block-list-item\">But despite the challenges, hospitality owners are optimistic about recovery<\/li>\n\n\n\n<li class=\"wp-block-list-item\">89% of food and drink business owners expect to continue or restart their current business and over one in 10 (11%) have started a new business during lockdown<\/li>\n\n\n\n<li class=\"wp-block-list-item\">Three quarters (76%) say the vaccine rollout has made them more confident about business recovery and over one in three (36%) remain confident about life after lockdown<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">As outdoor hospitality re-opens its doors today, a new report reveals Covid-19 has cost pub and restaurant owners over \u00a340,000 each on average in lost earnings \u2013 but owners remain confident about their recovery.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The study of businesses in the food and drink industry \u2013 including pubs, restaurants and cafes \u2013 by small business insurer&nbsp;<a href=\"https:\/\/www.simplybusiness.co.uk\/\">Simply Business<\/a>, found that so far owners have lost \u00a340,313 on average already in lost earnings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is more than double the amount that the average small business has lost so far during Covid-19 (\u00a315,673) \u2013 showing the scale of the impact on an industry which has been particularly affected by the various lockdowns and restrictions of the past year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s more, with weeks to go until many without outdoor space are able to open their doors, many owners expect losses to continue \u2013 with Covid-19 set to cost them \u00a345,470 each in total on average.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In total, 68% of hospitality business owners have had to temporarily stop trading during the pandemic. 45% have been earning less money, despite government grants, and only a quarter (27%) have been eligible for furlough.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Reasons to be optimistic<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But despite the difficulty, 89% of food and drink business owners plan to continue or restart their current business, and more than one in 10 (11%) started a new business in the last 12 months \u2013 showing the clear resilience of the hospitality industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, the vaccine rollout has boosted confidence among hospitality business owners. Three quarters (76%) say the rollout has made them more confident about the recovery of their business. Nearly two thirds (63%) also say the government\u2019s roadmap out of lockdown has given them sufficient reassurance to plan the future of their business. Over a third (36%) remain optimistic about life after lockdown.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Business owners have also utilised the time in lockdown to spend more time with family where they can (60%), rest (37%), focus on themselves (30%) and learn new skills (20%). Over one in 10 (11%) have been able to use the pandemic to adopt new technologies into their business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Alan Thomas, UK CEO at Simply Business comments:<\/strong>&nbsp;<em>\u201cFew have been hit harder than the hospitality industry in this last year, and the scale of the impact on small businesses and the self-employed is abundantly clear in our latest research. Covid-19 has cost pub, restaurant and cafe owners over \u00a340,000 each on average, which is a huge collective loss to the economy.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cMore importantly beyond the economic hit, we should recognise that behind each of these small businesses is a small business owner \u2013 each with families, livelihoods, and dreams. The impact of the pandemic on so many of these individuals and their communities has been devastating, both financially and emotionally.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>\u201cAgainst such a tough backdrop it&#8217;s inspiring to see small business owners display such resilience \u2013 and this is especially true for the hospitality sector where 89% plan to continue or restart their current business. So as hospitality owners prepare to safely reopen their doors, there are reasons to be hopeful \u2013 as the country can enjoy a well-deserved meal or drink outdoors with friends and family.\u201d<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">-Ends-<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Methodology:<br>Data: Survey of 123 small business hospitality owners from across the UK, conducted March 2021<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">For further information, please contact:<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Frank PR<br><a href=\"mailto:SimplyBusiness@welcometofrank.com\" target=\"_blank\" rel=\"noreferrer noopener\">SimplyBusiness@welcometofrank.com<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading wp-block-block\">About Simply Business<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a target=\"_blank\" href=\"https:\/\/urldefense.com\/v3\/__http:\/simplybusiness.co.uk__;!!N96JrnIq8IfO5w!hIDMrGse3KHfJu5_CiqiOsFWnj8k1HROe8Oqz7zCb7P2qVQXkH81IbN1SpIhNqbbhmdQrc22NsXe3U9O5ajDdkHOTa_CgxPfLGQ$\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Simply Business<\/a>\u202fis one of the UK\u2019s biggest business insurance providers, specialising in public liability insurance for small and midsize enterprises. Launched in 2005, Simply Business provides an online brokerage service, delivering policies tailored to individual business requirements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Using the power of tech and data to create the best possible customer experiences, Simply Business employs over 1,200 people across offices in London and Northampton, UK; and in Boston, Massachusetts; and Atlanta, Georgia, in the U.S. Owing to the insurance provider\u2019s internal underwriting capability and expert panel of insurers, Simply Business can cover over 1,200 trade types \u2013 ranging from plumbers to accountants to dog walkers.\u202fIts UK brand campaign \u2013 \u2018<a target=\"_blank\" href=\"https:\/\/urldefense.com\/v3\/__https:\/www.simplybusiness.co.uk\/campaign\/small-businesses-deserve-our-best\/__;!!N96JrnIq8IfO5w!hIDMrGse3KHfJu5_CiqiOsFWnj8k1HROe8Oqz7zCb7P2qVQXkH81IbN1SpIhNqbbhmdQrc22NsXe3U9O5ajDdkHOTa_CxklTDMU$\" rel=\"noreferrer noopener\" rel=\"noopener noreferrer\" target=\"_blank\">Simply The Best<\/a>\u2019 \u2013 aims to help UK small businesses feel \u2018the best\u2019 about their business insurance.<\/p>\n\n\n\n<div class=\"wp-block-group has-azure-800-color has-cyan-100-background-color has-text-color has-background has-link-color wp-elements-86c736f3dcae423b1758adb8308d063f has-global-padding is-layout-constrained wp-container-core-group-is-layout-80fb368b wp-block-group-is-layout-constrained\" style=\"border-radius:8px;padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<p class=\"has-text-align-center has-xsmall-font-size wp-block-paragraph\">We create this content for general information purposes and it should not be taken as advice. 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5.213-0.027 0.105 2.041 0.839 4.12 2.333 5.563 1.491 1.479 3.6 2.156 5.652 2.385v5.369c-1.923-0.063-3.855-0.463-5.6-1.291-0.76-0.344-1.468-0.787-2.161-1.24-0.009 3.896 0.016 7.787-0.025 11.667-0.104 1.864-0.719 3.719-1.803 5.255-1.744 2.557-4.771 4.224-7.88 4.276-1.907 0.109-3.812-0.411-5.437-1.369-2.693-1.588-4.588-4.495-4.864-7.615-0.032-0.667-0.043-1.333-0.016-1.984 0.24-2.537 1.495-4.964 3.443-6.615 2.208-1.923 5.301-2.839 8.197-2.297 0.027 1.975-0.052 3.948-0.052 5.923-1.323-0.428-2.869-0.308-4.025 0.495-0.844 0.547-1.485 1.385-1.819 2.333-0.276 0.676-0.197 1.427-0.181 2.145 0.317 2.188 2.421 4.027 4.667 3.828 1.489-0.016 2.916-0.88 3.692-2.145 0.251-0.443 0.532-0.896 0.547-1.417 0.131-2.385 0.079-4.76 0.095-7.145 0.011-5.375-0.016-10.735 0.025-16.093z\" \/><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Follow Simply Business on TikTok<\/span><\/a><\/li><\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Cost of Covid-19 to hospitality businesses reaches over \u00a340,000 each, but owners remain confident about recovery Cost of Covid-19 to hospitality businesses reaches over \u00a340,000 each, but owners remain confident about recovery As outdoor hospitality re-opens its doors today, a new report reveals Covid-19 has cost pub and restaurant owners over \u00a340,000 each on average [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":28050,"parent":131,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"sb_hreflang":"","sb_hreflang_url":"","disable_breadcrumbs":false,"sb_breadcrumbs":[],"sb_faq_schema":"","sb_phone":"","sb_header_url_text":"","sb_secondary_logo":0,"sb_secondary_logo_url":"","sb_show_primary_cta":true,"sb_primary_cta_text":"","sb_primary_cta_url":"","sb_show_secondary_cta":true,"sb_secondary_cta_text":"","sb_secondary_cta_url":"","sb_show_contact_cta":true,"sb_contact_cta_id":"","sb_primary_cta_id":"","sb_secondary_cta_id":"","sb_no_sticky_header":false,"sb_show_last_updated_date":"","sb_enable_replacement_text":false,"sb_replacement_h1":"","_sb_hreflang_stale":false,"footnotes":""},"hidden-category":[],"import-page-type":[],"coauthors":[50],"class_list":["post-184","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium 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