British pubs have been struggling over the past few years but now, the latest statistics from Barclay’s show that young landlords are breathing new life into the industry! While pubs have a reputation for being owned by silver haired landlords a new generation of dynamic young entrepreneurs are starting to open their own watering holes and attract millennials in search of style, quality and service.
Youngsters get behind the bar
Since 2012, the number of pub owners aged 25 to 34 has risen by 25%. Industry analysts are praising these fresh faced landlords for their role in driving nationwide growth and reinventing the face of the classic British pub. Adam Rowse, head of business banking at Barclays says, “It’s been long-reported that this is an industry met by challenges for pub owners, however our research shows that this has not deterred the next generation of ‘pub innovators’ from setting up shop.”
Pub sector enjoys unprecedented growth over the past three years
According to a recent survey published by Barclays, 42% of all British pubs currently in operation were established between March 2012 and March 2015. Furthermore total pub turnover has grown by 23% over the past three years which indicates that the industry is still incredibly lucrative. “It’s great to see optimism for growth within this sector. Beyond the headlines of pub closures, turnover growth and a rise of new businesses is encouraging,” says Rowse. “The UK’s pub businesses are a key part of Britain’s culture and heritage in addition to a valuable contributor to the economy.”
A focus on food
One of the biggest factors driving growth is a new focus on serving up quality fare. While in the past drink sales accounted for the majority of turnover, young British pub owners are asserting that food now plays an integral role in generating profits. Gen Y love a good ‘gastropub’ and young landlords catering to the trend will find themselves in the money. Quality is another deciding factor, with the latest Carpe Vinum report published by Wine Intelligence predicting that traditional style “choice over quality” pubs could soon be on their way out. “Last century’s world of stand-up beer drinking in poorly lit and scruffy pubs is being pushed further to the margins, and may disappear entirely from urban centres over the next 5-10 years,” it states.
Of course, any young landlord trying their hand at tapping into the British pub renaissance should protect their investment with a comprehensive pub insurance policy. Find the best deal by hitting up a quote compare website that seeks out the cheapest policies on the market!